In this analysis we need to focus on three crucial questions: The first concerns the scope of a financial services chapter, assuming there is one: Which financial services should be allowed to be provided across borders; and which should be allowed to only be provided through an independent, locally licensed subsidiary?
3/5  BIS central bankers' speeches  The second question is about equivalence: Can equivalence be expanded systematically without hurting democratic accountability, sovereignty and financial stability? As the approaches debated so far do not meet these criteria: How could this be done? And the third question concerns subsidiarisation: Is this maybe a less costly option than it intuitively appears?