We are delighted to introduce you to the Swiss Finance Council (SFC) and its first Discussion Paper ‘The EU and its Partners: Defending Open Markets in Challenging Times’. The aim of the SFC is ambitious: to foster international dialogue with regard to financial services-related matters. For our Brussels Representation Office, this centres on the dialogue between the EU and its partner countries, with a special focus on Switzerland.
This Discussion Paper therefore is the first of a series of initiatives the SFC will be undertaking to encourage debate and discussion, support policy-makers and legislators, and provide a platform for all who share an interest in the key economic and financial relations between the EU and its partners.
The aftermath of the subprime and European sovereign debt crises still weighs heavily on the world economy and on Europe in particular. The process of recovery is still not complete, and the SFC wants to engage in the discussion with a view to how the EU and its partner countries can work together to facilitate growth and investment, and ultimately to create jobs and raise living standards for all.
The election of a new Parliament and the appointment of a new Commission headed by a new President are an opportune moment to launch this initiative. Through the Investment Plan, the implementation of the Banking Union and the set-up of a Capital Markets Union, President Juncker has set out a vision to help get the economy moving again. Indeed, the Capital Markets Union is a significant opportunity to introduce reforms that get capital flowing to the real economy, not only from within the EU but also from all over the world. It has the potential to result in small businesses having a more diverse source of funding than they have hitherto had, and will help Europe better withstand future shocks. It also provides a good opportunity to enhance the collaboration between capital markets within the EU and those beyond, such as the financial centre Switzerland.
That is why the SFC’s first Discussion Paper aims to demonstrate how partner countries can help make these initiatives a success. In this Discussion Paper, which has been prepared in collaboration with experts from our members Credit Suisse Group AG and UBS AG, with substantive input from Llewellyn Consulting, the positive impact that close economic and financial ties between the EU and its partner countries has had on growth and jobs is clearly shown. The Paper goes on to make several recommendations on how to maximise these benefits, as the CMU is devised and many other political and regulatory initiatives are being developed. It needs to be ensured that the financial sector, within the EU and across borders, can make a meaningful contribution to Europe’s recovery.
We hope you enjoy reading this Discussion Paper, and find it a thought-provoking contribution to the crucial debates Europe is embarking on.