In the realm of trade deals, this brings us to the question of how many trade-related regulations and laws we should harmonise. 4/7  BIS central bankers' speeches  As the failure of the TTIP agreement shows, our approach cannot rest on the simple tenet of “the more, the better”. Instead, future trade agreements need to be focused and should respect national prerogatives.
Trade agreements should be trade agreements and nothing more than is necessary to enable the global division of labour and exchange of goods. For that, we do not need transnational arbitration courts, as were discussed in the context of TTIP. What we need is a reliable legal framework, something that all developed economies can already guarantee.