Firstly, it would enable better exchange of information between supervisors, and this would give a much-needed boost to supervision of cross-border institutions and activities. Secondly, pooling supervisory resources will generate economies of scale, including increased concentration of knowledge and expertise. It would allow resources to be deployed precisely where the risks are the most significant.
Even if the central bank resists, expectations of future inflation could become unanchored and inflation could rise through no fault or consequence of central bank action or intent. Unfortunately, from my perspective, the Fed and other central banks have already embarked on a path that has blurred the distinction between monetary policy and fiscal policy.