It would be nonsensical for a country to insist on reinventing, ab initio, technology or rules (e.g. Basel Capital rules for prudential supervision or accounting rules), but it seems entirely feasible for countries to put their own supplements on rules, without becoming pariahs in the eyes of international financial markets. Globalisation is an opportunity for countries to improve their living standards.
Local government bodies should have their own sources of income instead of relying on the “transfer of funds” which can be received exclusively from state bodies; the laws need to be amended as “states will be states” and our government can easily change its stance at one time or another, i.e.