The separation of fiscal and monetary policy  The implementation of monetary policy and bank regulation does not, in general, have significant distributional consequences. For example, an increase in the policy interest rate has macroeconomic affects but it does not usually favour one section of the population at the expense of another.
If the implementation of monetary policy and bank regulation had significant distributional consequences, the operational independence of the central bank would be much more problematic, because distributional issues should be determined in the domain of politics, not by technocrats alone. In contrast, fiscal policy is intrinsically distributional in its consequences.