When central banking is done well, it not only avoids those catastrophic results which have been seen around the globe from time to time, but also makes some positive contribution to economic growth, to social  BIS Review 26/2001  1  justice, and perhaps even to the integrity of society itself.
Do you start breaking them up to make them more manageable, to make them easier to supervise, and to make them easier to bail out in case they need bailouts? And when do you proceed with this break-up, assuming it’s the only way to combat moral hazard? At the peak of a crisis, when you have other pressing concerns to grapple with?