Switzerland: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Switzerland.

IMF Staff Country Reports, May 26, 2011

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Switzerland: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Switzerland.

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Bibliographic details

• Published: May 26, 2011
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781455284603.002

Summary / Key findings

• Although progress has been made in strengthening the Swiss economy, systemic risks posed by large banks remain and revisions to the macroprudential framework are still in train.
• The authorities welcomed the too-big-to-fail (TBTF) legislation and intervention of the Swiss National Bank (SNB) on strengthening financial sector stability.
• The authorities stressed the need for a strong macroprudential framework and a legal framework with regard to crisis prevention.
• The authorities supported adherence to the Swiss debt brake rule and emphasized that sustainability of public finances should be further improved.

Financial sector stability and TBTF

• Systemic risks are posed by large banks.
• TBTF legislation was welcomed by the authorities.
• The SNB intervened to strengthen financial sector stability.

Macroprudential framework and legal/crisis-prevention measures

• Revisions to the macroprudential framework are ongoing ("still in train").
• Authorities stressed the need for:
  • a strong macroprudential framework, and
  • a legal framework with regard to crisis prevention.

Fiscal policy and public finances

• Authorities supported adherence to the Swiss debt brake rule.
• Authorities emphasized that sustainability of public finances should be further improved.

Subjects and keywords (as listed)

• Subject: Banking, Exchange rates, Exports, Financial crises, Financial institutions, Income, Insurance companies, International trade, Mortgages, National accounts
• Keywords: appreciation, capital, CR, Exports, federal budget, FINMA, foreign direct investment, GDP, Global, Income, information exchange, Insurance companies, ISCR, Middle East, monetary policy stance, Mortgages, net trade contribution, staff's assessment

Content in this bundle

• Selected Economic Indicators, 2008–12
  • Selected Economic Indicators, 2008–12 (Markdown version)
  • Selected Economic Indicators, 2008–12 (PDF)