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Banking Regulation and Globalization$
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Andreas Busch

Print publication date: 2008

Print ISBN-13: 9780199218813

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199218813.001.0001

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Switzerland: High Risks, Joint Responsibilities

Switzerland: High Risks, Joint Responsibilities

(p.163) 6 Switzerland: High Risks, Joint Responsibilities
Banking Regulation and Globalization

Andreas Busch (Contributor Webpage)

Oxford University Press

This chapter begins by exploring the historical development of the Swiss banking system and those state institutions charged with overseeing and regulating it, before moving on to examine the relevant actors in the political sphere. A closer analysis of the decision-making process in the area of bank policy illustrates a policy composed of a combination of liberal consensus and partial politicization. The chapter argues that the consensual style that is generally characteristic for policy-making in Switzerland produced a largely positive policy outcome in the face of a high potential risk caused by concentration of the banking system. The highly federal political system does, therefore, not lead to political deadlock, since a strong element of centralized self-regulation manages to balance the fragmentation. The influence of European regulations is considerable, however, despite being concealed in the euphemistic phrase ‘autonomous adaptation’.

Keywords:   Swiss banking system, banking industry, banking regulation, state regulation, self-regulation, European regulation

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