Abstract
The financial services industry is one that is being transformed by technological advances and structural change. The consolidation of financial services – so-called ‘Allinance’ or ‘Bancassurance’ activities – is one example of these trends. The financial services industry is of crucial importance for the Swiss economy, representing more than 10 per cent of GDP. It thus contributes substantially to prosperity in our country. And it helps create good operating conditions for industry: I am thinking of low interest rates, a stable currency, and excellent financial services. Switzerland therefore has every interest in providing and maintaining a favourable business environment for providers of financial services on a global scale. This requires a continual examination of the appropriateness of our legal and institutional framework.
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