After their reputations collapsed, semi-social democratic central banks emerged with Roosevelt’s lead in 1933 when industrialists like Eccles demanded Fed reforms to remove Wall St control as condition of being its Chair. And, less in contrast with the ECB than often thought, American, Canadian and Australian efforts to unify their federations took place, through progressive central taxes, unified banking rules, fiscal transfers or CB loans to states and multiplier policies, as well as to redirect CBs to full employment, acting in a consolidated fashion with Treasuries. Possibly FDR’s Administration had the harder time, since the supremacist South dominated Congressional Democrats; the 12 District Feds were never nationalized; and supervision went to separate agencies not the Fed. Contrast the two arms inside the Commonwealth Bank of Australia. Its model erupted in a constitutional crisis from bank intransigence against any “People’s Bank”. The Governor defended its commercial arm as a tool against either inflation or deflation: the later Reserve Bank of Australia had no commercial arm. WW2 made all extant central banks work with their states, and financial sectors lost their global networks. Thus, debates on the relative effectiveness of new rules, later Bretton Woods, or war-time exigencies are contentious.