Bern, Switzerland (GenevaLunch) – The Swiss Federal Council, concerned about changes to the G20 group of the world’s largest economies and calls for changes to other international financial bodies, has told the country’s finance ministry to take steps to strengthen Switzerland’s role in the IMF (International Monetary Fund) and the World Bank. Developing countries and emerging markets have been calling for reform of these two bodies, the two Bretton Woods international financial institutions, in recent months, suggesting that voting weights need to be reconsidered. Switzerland is keen to ensure that its seats on the Executive Councils of each group become permanent.
The cabinet (Federal Council) has also instructed the finance ministry to work closely with the Swiss National Bank and the Swiss financial market supervisory authority Finma to strengthen its role in the Financial Stability Board (FSB).
No fishing from France, please, say Swiss
Bern, Switzerland (GenevaLunch) - The Swiss government says “so-called ‘fishing expeditions’ remain out of the question, even ones from France.” The Federal Department of Finance Monday 14 September clarified details of the treaty signed 27 August 2009 with France, saying that although the wording differs slightly from that of some of the new double taxation treaties with other countries, administrative assistance requests from France in tax cases “will not deviate in practice” from agreements with other countries.
