"Moreover,the insights provided by our role in supervising a range of banks, including community banks significantly increases our effectiveness in making monetary policy and fostering financial stability."
VOA: standard.2010.03.17
Nonetheless it remains entirely possible for a government to use monetarypolicy to steer the domestic economy, provided that it is willing to let its currency float.
As is also common with principles espoused by European leaders, no clear explanation has been provided for the need to ensure this operational separation between monetarypolicy and bank supervision.
Moreover, the independent movement of global markets, which react to factors such as different domestic monetary and fiscal policy cycles, has historically provided considerable diversification benefits when held in combination with US investments (though correlations tend to converge on 1 in periods of financial crisis).