U.S. Financial Crisis: The Response by Switzerland [February 5, 2009]   [open pdf - 335KB]

From the Summary: "The current financial crisis has demonstrated that financial markets in Switzerland and elsewhere have become highly interdependent and that a crisis in one market can quickly spread to other markets across national borders. For the United States, Switzerland is important as a member of international fora where the two countries share common interests while Swiss banks also act as competitors in the international financial marketplace. One issue the two countries share concerns the organization of financial markets domestically and abroad to improve supervision and regulation of individual institutions and of international markets. This issue also focuses on developing the organizational structures within national economies that can provide oversight of the different segments of the highly complex financial system. Such oversight is viewed by many as critical, because financial markets are generally considered to play an indispensible [sic] role in allocating capital and facilitating economic activity. In the months ahead, Members of Congress and the Obama administration likely will consider a number of proposals to restructure the supervisory and oversight responsibilities over the broad-based financial sector within the United States and in the broader international financial markets. The Swiss system provides an example of a system that has separated the regulatory and supervisory responsibilities from the monetary policy responsibilities of the Swiss National Bank and consolidated them into a national regulatory body that is subject to the Federal Council, or the executive of the Swiss government."

Report Number:
CRS Report for Congress, R40200
Public Domain
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