It is for this reason that the OECS countries have chosen to engage in deeper forms of integration. The countries have proposed to upgrade the Treaty of Basseterre to encompass an Economic Union, which is the highest form of integration, short of full political integration. The OECS countries already have a very high level of integration, far superior to that of the wider CARICOM.
This would result in rise in compliance costs for such institutions as they would have a broader framework of rules and regulations to comply with. The rise in business costs could increase the cost of providing financial intermediation, which could, potentially, have an adverse impact on the financial inclusion objective. 6  BIS central bankers’ speeches  Conclusion 32.