We see countries like Switzerland and Norway, who are outside the European Union, in many respects have to follow European rules without having a say in how these rules are made. We see countries like Denmark and Sweden, that are not in the euro area, still striving for exchange rate stability vis-à-vis the euro.
The internal governance should ensure that a robust system is developed to keep a check on adherence to rules and regulations. 45. Presently, there is a top-down approach to implementation of regulation and regulatory controls at all levels.