Switzerland's Industrialized Economy

Want to read the rest of this paper? Join Essayworld today to view this entire essay and over 50,000 other term papers

rejected a government sponsored tax which would have modernized Switzerland’s tax system by a tax called Value Added Tax. The Swiss currency is called the Swiss Franc, and 1.5 francs equal one U.S. dollar.
The new common currency adopted early this year called the Euro, was rejected by Switzerland, although eleven nations participated. Therefore, Switzerland preserves its’ monetary autonomy. The lack of participation has both advantages and disadvantages. An advantage is that the Swiss National Bank still maintains control of monetary policy, and a disadvantage is its trade flows with other “Euro” members.
Inflation is a big issue, and the Swiss National Bank controls it by monetary policy. Switzerland’s policy will remain tight until inflation is brought down further. Foreign banks that wish to set up a business in Switzerland mush obtain prior approval from the Swiss Banking Commission. There are very important factors that a foreign bank must meet to be set up in ...

Get instant access to over 50,000 essays. Write better papers. Get better grades. Already a member? Login

CITE THIS PAGE: