At present, it has become apopulartopicwhether the functionofbankingsupervision should be separatedfrom a centralbank in the field of theoryhome and abroad.
It was a feat Morgan and his crew would repeat across the industrial landscape, arranging new equilibrium conditions and regulatory mechanisms in one sector after the other, filling in for a non-existent centralbankingfunction (the Federal Reserve was created in 1913, marking the start of a whole new story).