Chapter

Switzerland: High Risks, Joint Responsibilities

Andreas Busch

in Banking Regulation and Globalization

Published in print December 2008 | ISBN: 9780199218813
Published online January 2009 | e-ISBN: 9780191711763 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199218813.003.0006
Switzerland: High Risks, Joint Responsibilities

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This chapter begins by exploring the historical development of the Swiss banking system and those state institutions charged with overseeing and regulating it, before moving on to examine the relevant actors in the political sphere. A closer analysis of the decision-making process in the area of bank policy illustrates a policy composed of a combination of liberal consensus and partial politicization. The chapter argues that the consensual style that is generally characteristic for policy-making in Switzerland produced a largely positive policy outcome in the face of a high potential risk caused by concentration of the banking system. The highly federal political system does, therefore, not lead to political deadlock, since a strong element of centralized self-regulation manages to balance the fragmentation. The influence of European regulations is considerable, however, despite being concealed in the euphemistic phrase ‘autonomous adaptation’.

Keywords: Swiss banking system; banking industry; banking regulation; state regulation; self-regulation; European regulation

Chapter.  22034 words. 

Subjects: International Relations

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