In the case of existing ELA arrangements, the same misguided outside observer reflects that it will be necessary to correct the current situation whereby host countries are responsible for ELA for subsidiaries and branches, but do not have access to supervisory information about branches, and thus, have no way of assessing the risks involved in the ELA operations they undertake.
Our economy is continually buffeted by external shocks. Some are natural events, like the catastrophic series of Christchurch earthquakes that represent the sixth largest global insurance payout ever. Others reflect tectonic shifts in the global economy.