A well-functioning financial centre is of value to an economy. One reason is that, through their core business, banks and insurance companies support companies and households in carrying out their economic activities. They also make a direct contribution to employment and value creation. The SNB, too, is dependent on an efficient financial sector - for, as lenders, it is the commercial banks who transmit its monetary policy to the Swiss economy.

Good framework conditions are essential if the Swiss financial sector is to be successful and compete at an international level. With its prudent regulatory stance, reliable currency and sound political and institutional framework, Switzerland has long offered good framework conditions. Swiss regulations ensure that banks have a solid capital base and adequate liquidity buffers, without unnecessarily intervening in their business models. With its monetary policy focused on price stability, the SNB provides a key prerequisite for growth and prosperity. This gives a strong underpinning to the financial sector.

On a political level, it is important to avoid creating any administrative hurdles that neither contribute to stability nor bring any great benefit, but instead unnecessarily constrain the activities of financial service providers. A strengthening of the Swiss capital market, on the other hand, would be beneficial not only to the financial sector but also to SMEs.