Switzerland’s financial centre faces its challenges with confidence, says the CEO of the Swiss Bankers Association.
The CEO of the Swiss Bankers Association, Jörg Gasser, has written an article in the latest issue of international banking magazine 'The Banker' on the advantages of, and challenges facing, the Swiss financial centre. He explores some of the reasons why such a small country (132 out of 194 in terms of size) packs such an outsized punch, ranking second in the world in GDP per capita.
Despite this success, Switzerland still faces a significant challenge in terms of market access. Gasser explains that, despite Switzerland’s location at the heart of Europe, its banks have limited access to the EU whilst EU banks have always had access to Switzerland. With reciprocity a fundamental principle of open markets and of good neighbourly relations, the shortcomings of the current equivalence system must be overcome, and Gasser believes that Brexit has focused attention on the need for improved equivalence.
The encouraging progress made on mutual recognition and market opening between Switzerland and the UK, Europe’s two largest financial centres, shows that the spirit of open markets is alive and well.
See the full article in The Banker here: Switzerland meets challenges with solutions - Comment & Profiles - (thebanker.com)