UBS Outlook Switzerland
UBS Outlook Switzerland – Focus topic: Swiss – EU relations
Switzerland's relations with the European Union (EU) are the main topic in this issue of UBS Outlook Switzerland. A referendum supported by Swiss voters in February to limit immigration has brought this relationship under scrutiny. The referendum result requires the re-introduction of quotas, which is likely to violate Switzerland's agreement with the EU on the free movement of persons. All Bilateral I Treaties with the EU are thus jointly at risk, since they cannot be terminated individually ("guillotine" clause). The Bilateral Treaties are a happy medium between the extreme positions of Switzerland's European policy – and they have proven highly successful from an economic perspective. Switzerland should clearly maintain bilateralism for the time being. This could reduce uncertainty not only within the country, but also internationally. In addition, bilateralism could help to ensure that Swiss companies retain access to the European single market and stabilize relations with the EU.
UBS Outlook Switzerland comes with the enclosure "Investing in Switzerland," which features opinions and recommendations of CIO analysts for the equity market and bonds in Switzerland.
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