Banking in SwitzerlandBanking in Switzerland dates to the early eighteenth century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland. The country has a long history of banking secrecy and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of the landmark federal law, the Federal Act on Banks and Savings Banks.
Southeast AsiaSoutheast Asia, also spelled South East Asia and South-East Asia, and also known as Southeastern Asia, South-eastern Asia or SEA, is the geographical south-eastern region of Asia, consisting of the regions that are situated south of mainland China, east of the Indian subcontinent, and north-west of mainland Australia which is part of Oceania. Southeast Asia is bordered to the north by East Asia, to the west by South Asia and the Bay of Bengal, to the east by Oceania and the Pacific Ocean, and to the south by Australia and the Indian Ocean.
Economic integrationEconomic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade. The trade-stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers whatsoever.
First WorldThe concept of the First World was originally one of the "Three Worlds" formed by the global political landscape of the Cold War, as it grouped together those countries that were aligned with the Western Bloc of the United States. This grouping was directly opposed to the Second World, which similarly grouped together those countries that were aligned with the Eastern Bloc of the Soviet Union.
ChinaChina (), officially the People's Republic of China (PRC), is a country in East Asia. It is the world's second-most populous country with a population exceeding 1.4 billion. China spans the equivalent of five time zones and borders fourteen countries by land, tied with Russia as having the most of any country in the world. With an area of nearly , it is the world's third largest country by total land area. The country consists of 22 provinces, five autonomous regions, four municipalities, and two semi-autonomous special administrative regions.
Financial crisisA financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults.
Enhanced cooperationIn the European Union (EU), enhanced cooperation (previously known as closer cooperation) is a procedure where a minimum of nine EU member states are allowed to establish advanced integration or cooperation in an area within EU structures but without the other members being involved. As of October 2017, this procedure is being used in the fields of the Schengen acquis, divorce law, patents, property regimes of international couples, and European Public Prosecutor and is approved for the field of a financial transaction tax.
Bergier commissionThe Bergier commission in Bern was formed by the Swiss government on 12 December 1996. It is also known as the ICE (Independent Commission of Experts). Founded in a decade when Switzerland had come under recurring criticism for its behaviour during World War II, particularly with respect to its relations with the Nazi government in Germany, the commission was established by the Swiss Parliament and headed by Jean-François Bergier, an economic historian.
International financial institutionsAn international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions (created by two countries) exist and are technically IFIs.
