To put the debate in its historical context, with regard to the location of sovereign debt management functions multiplicity of arrangements exist around the world: in the ministry of finance, central bank or autonomous debt management agency. Cross country experience shows that there is no international best practice and the adoption of any particular model could depend on country specific circumstances.
In the nineties, several OECD countries entrusted debt management to separate agencies with the objective of providing monetary policy independence to central banks so that they could concentrate on inflation management and not impacted by the conflicting objective of raising debt for the sovereign at low cost.