Mechanisms will also be explored to determine how international banks might participate directly in Bahamian dollar payments and settlements, to facilitate their own local needs or those of clients who maintain a nexus to the local economy.
They were asked to do so as any country that wishes to join the euro area not only has to ensure sustainable economic convergence, but should also be ready to participate in the banking union. The idea behind a country participating in the banking union before adopting the euro is to promptly address potential weaknesses in its domestic banking sector.