Swiss banks demand unimpeded access to the internal market

Switzerland has paid a billion euros to enable their companies to have free access to the European internal market.

However, from the point of view of the Banking Association, Brussels did not adequately provide the return for their money.

The Swiss banks want to achieve a better access to the EU markets by political means. To this end, the Swiss Banking Association wants to make possible further payments from Switzerland to Eastern European countries as a security in the negotiations with the EU.

"As a liberal representative of open markets, we are consistently demanding market access," said the Swiss Banking Association President Herbert Scheidt on Thursday. In return for a broad access to the EU market, Switzerland decided in 2004 to contribute one billion francs to the construction of Eastern Europe, the so-called cohesion bill.  In the meantime, Switzerland has financed projects to this extent.  The European Union is now calling for another billion for the coming years. The government in Berne has not yet made a commitment. The Banking Association wants to use further payments as a means of exerting pressure in order to create better conditions in the business with the important EU market. In particular, the development of the talks on access to French and Italian customers is not satisfactory, according to Scheidt. Before Switzerland entered into talks on a new cohesion contribution, the EU had to accomodate the country, said the President of the Federation. With the adoption of the Fidleg Investor Protection Guideline, Switzerland had created an important prerequisite for access to the EU market.  This is because Fidleg is equivalent to the EU regulation Mifid II as was required

Source

(1.31 Swiss francs to the pound as of today!)