An important aspect of helicopter money is just how a central bank would obtain the authority to undertake such a policy. Eric Lonergan is a leading proponent of HM. As he points out, the resolution of this issue could depend on the institutional regime for the central bank in question. For example, it may be quite different in the case of the ECB than for the Fed, the Bank of Canada, or the Bank of England.
In all cases, however, the delegated authority should be clear in delineating how helicopter money relates to standard fiscal and monetary policy responsibilities. I left the following comment along these lines at Eric’s post on the institutional perspective:Monetary Realism
Helicopter Money Policy Formulation