- 25 Jul 2016 17:03
#14705398
Following a referendum for limiting immigration, the Swiss need to impose quotas on EU migrants by Feb. 2017. The quotas will violate current treaties Switzerland has with the EU. A so-called guillotine motion would automatically cut cooperation between the EU and Switzerland in six fields if the Swiss were to go ahead with their plans to limit immigration.
Due to the Brexit vote, the EU is hardly able to make any concessions to Switzerland and will likely have to take a tough line on the Swiss, since any concession would be exploited by the UK in its own negotiations.
This puts the Swiss between a rock and a hard place because the loss of EU business could prove to take some percentage points off GDP.
For the finance industries, the loss of the UK government as lobbyist in Brussels could prove even more damaging. The EU is now likely to go ahead with new financial regulations and measures against tax evasion that could impact Swiss financial institutions and the City.
The EU should not pamper the financial institutions of two of the richest countries in Europe that want to profit from the common market without contributing their fair share.
Due to the Brexit vote, the EU is hardly able to make any concessions to Switzerland and will likely have to take a tough line on the Swiss, since any concession would be exploited by the UK in its own negotiations.
This puts the Swiss between a rock and a hard place because the loss of EU business could prove to take some percentage points off GDP.
For the finance industries, the loss of the UK government as lobbyist in Brussels could prove even more damaging. The EU is now likely to go ahead with new financial regulations and measures against tax evasion that could impact Swiss financial institutions and the City.
The EU should not pamper the financial institutions of two of the richest countries in Europe that want to profit from the common market without contributing their fair share.