These debates may well set the stage for how financial service companies will operate as we enter the twentyfirst century. As we can all plainly see, the world is changing across many dimensions, posing new and ever-increasing challenges for both financial services firms and their supervisors.
In the case of the Caribbean, the convergence criteria seem to be purely for information purposes; they have certainly not been seen as a guide to policy; there is no official monitoring; there are no sanctions; and none of the participating countries seem anxious to yield sovereignty over economic policy.