3  The domestic financial sector is defined here as domestic banks and nonbank financial institutions, excluding the monetary authority. Banks include U.S.-chartered depository institutions, foreign banking offices in the United States, banks in U.S.-affiliated areas, credit unions, and holding companies.
The activities under this stage would include: -  2  Continued observance of macroeconomic indicators of convergence including:  BIS Review 20/2007  •  Inflation rate of less than 5 per cent. •  Overall Budget deficit/GDP ratio (excluding grants) of less than 3 per cent. •  Elimination of Central Bank financing of Budget deficits.