To give you just two examples, EU supervisors4 would have clearer compliance expectations and would review an equivalence decision at more regular intervals. Ultimately, where equivalence cannot be achieved this could lead to an entity being required to relocate to the EU.
In 1967, economists Milton Friedman and Edmund Phelps independently produced influential critiques of this view. Their key contribution was to observe that, if inflation expectations react to changes in actual inflation in an economically reasonable way, then any tradeoff between inflation and unemployment would be shortlived at best.