Stefan Hoffmann has worked in Swiss banking for nearly 30 years. Now head of Europe at the Swiss Bankers Association (SBA), he has witnessed the evolution of the country’s complicated relationship with the EU. Describing its viability in supporting Switzerland as a financial hub, Mr Hoffmann needs just one word: “Endangered.”
Brexit has thrown the so-called ‘Swiss model’ firmly into the spotlight, but when it comes to banking, there is confusion over what that model actually entails. Switzerland’s relationship with the EU is governed by more than 120 sector-specific bilateral accords. Financial services are a notable omission. Attempts to negotiate a financial services agreement (FSA) giving access to the single market stretch back to the early 1990s but have faced significant resistance from Brussels.
