The monetary policies needed to keep inflation low, are often very unpopular, and politicians normally do not like to take responsibility for such unpopular measures. Furthermore, the power to create money can easily be abused for short-term gains, but any excessive creation of money in the short-term will eventually lead to higher inflation (and therefore higher interest rates).
It is also understood that, because Parliament has vested the power to create money within the central bank, this institution must remain accountable to Parliament for its policies. (ii) Cooperation amongst bank regulators and supervisors The Governors’ Committee has encouraged bank regulators and supervisors in the region to work together in order to standardise and coordinate policies followed to control the banking system.