Economic policy environment
Economic developments
The Swiss economy saw modest growth in 2023. Inflation stabilised, while unemployment remained low. The global economic picture is set to improve in 2024.
Financial stability
Globally, developments in the banking sector were dominated by high interest income and the collapse of US banks and Credit Suisse. Generally, however, the international financial system appears robust, and the short-term risks have waned.
Regulation
Regulation of the banks and financial markets plays a key role in the attractiveness and competitiveness of the Swiss financial centre, which is a global leader in terms of its regulatory framework.
Market access
With the adoption of its negotiating mandate, the Federal Council has taken an important step towards advancing bilateral relations with the European Union (EU). Meanwhile, the financial services agreement between Switzerland the United Kingdom has been signed.
Digital Finance
Technology-based digital infrastructures, such as a digital Swiss franc and open finance, pave the way for new business models to keep the Swiss financial sector innovative and competitive in the years ahead. Increased resilience to cyber attacks is key.
Taxation
An attractive tax environment and internationally accepted compliance rules are essential locational advantages for the financial sector. While taxation of banks’ own activities is a central issue, another is regulations to ensure that customers meet their tax obligations.