In this context, the cause of coordination is always better served under the same roof than by a separation from central bank, accompanied by a closer inter-institutional coordination. There could be an argument that coordination mechanism could be designed  BIS central bankers’ speeches  9  between the central bank and the DMO, either by statute or executive order.
The experience of coordination mechanisms between DMO and central bank, which are vital for economic management, is however, far from satisfactory and impacted debt management. There has been instances of failed auctions, e.g., in the UK (March 2009), causing reputation risk for both the authorities.