The role of Swiss financial centre As a pillar of the national economy, the focus of the meeting held on June 17 in Bern was on banking sector representatives and key players, who discussed the main challenges facing the sector. The initiative was promoted by the banking associations of Geneva, Ticino, and Zurich, along with their respective cantons, with the aim of fostering direct dialogue with federal parliamentarians and the heads of the federal administration.
The event provided an opportunity to reaffirm the financial sector's economic importance and its contribution to Switzerland's growth, at a time marked by profound international change.
A comparison between politics and the banking sector
The meeting was opened by the presidents of the three sponsoring organizations: Denis Pittet for the Fondation Genève Place Financière, Alberto Petruzzella for the Ticinese Banking Association (ABT), and Patrick Müller for the Zurich Banking Association. They were joined by the state councilors responsible for economics and finances of the three participating cantons: Carmen Walker Späh and Ernst Stocker for Zurich, Delphine Bachmann for Geneva, and Christian Vitta for Ticino.
The underlying theme of the initiative was strengthening dialogue between political institutions and financial operators, deemed essential to addressing an increasingly complex economic and regulatory framework.
The resilience of the banking system
In his opening remarks, Alberto Petruzzella recalled how the sector has successfully weathered a series of events in recent years that have profoundly transformed the financial market: from the 2008 global crisis to the long period of negative interest rates, through the evolution of international taxation, to the aftermath of the Credit Suisse crisis.
According to the ABT president, the ability to overcome these difficulties was no coincidence, but rather the result of solid business models, prudent management, and the presence of a diversified banking ecosystem, an element that continues to represent one of the main strengths of the Swiss system.
Rules proportionate to different realities
One of the topics discussed was the evolution of federal regulation. Petruzzella emphasized the need for future regulations to take into account the profound differences existing among the various market players.
The legislator is urged to apply the principle of proportionality, avoiding indiscriminately extending the same obligations to very different entities. Cantonal banks, small institutions, and independent asset managers, it was emphasized, operate with different sizes and business models than large banking groups and therefore require a regulatory framework suited to their respective characteristics.
Ticino looks to the European market
During the event, State Councilor Christian Vitta emphasized the financial sector's continued strategic importance for both the Swiss economy and Ticino. In addition to providing thousands of skilled jobs, the sector contributes significantly to value creation and cantonal tax revenue.
A significant portion of his speech was dedicated to the topic of access to the European Union market. For Ticino, historically oriented toward international wealth management and characterized by close economic ties with Italy, being able to offer cross-border financial services within a stable legal framework is a priority.
Vitta then reiterated the need to continue the dialogue with the European Union, calling for greater clarity on the next stages of the negotiations and for the structured involvement of the cantons and economic operators in the negotiation process.
Competitiveness at the heart of priorities
During the meeting, it emerged that the current international scenario, marked by geopolitical tensions, economic transformations, and ongoing regulatory changes, makes collaboration between public authorities and the financial sector even more important.
The shared goal is to preserve the competitiveness of the Swiss financial center by enhancing its capacity for innovation, the robustness of its system, and the diversity of its players. This strategy, according to the participants, requires ongoing dialogue between the Confederation, the cantons, and representatives of the banking industry.
