In the 1920s and early 1930s, further legislative attempts were made to strengthen the Commonwealth’s role as central bank. At least one Federal Treasurer (Theodore) made the case for a pure “central reserve bank”. But major progress was not made until an inquiry after the Great Depression outlined the intellectual foundations for the conduct of the modern central bank.
2 B Eichengreen (1994), Financing infrastructure in developing countries: lessons from the Railway Age, Policy,  Research working paper no WPS 1379, Washington, DC, World Bank. 3 A figure of 88 percent is mentioned in the joint AfDB, IMF and WBG Report G-20 Compact with Africa.