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Switzerland and EU Reach Historic Trade Agreement After Lengthy Negotiations; UBS to Hold 20B USD in Capital

Dec 20, 2024, 02:22 PM

Switzerland and the European Union have reached a historic agreement to overhaul their trade relations, concluding lengthy negotiations aimed at ensuring Switzerland's access to the EU's single market. The deal comes after a breakdown in talks four years ago and is seen as advantageous for both parties. Swiss President Viola Amherd and EU Commission President Ursula von der Leyen announced the completion of negotiations, which included meeting the objectives set for each area of the negotiating mandate. The agreement is expected to enhance cooperation across various sectors, including transport and health. Meanwhile, the Swiss parliament has criticized the oversight of the financial regulator, FINMA, in the context of the Credit Suisse collapse, leading to proposals for stronger bank oversight reforms. UBS, following its acquisition of Credit Suisse, is required to hold approximately $20 billion in additional capital, supporting recommendations made by the Federal Council to strengthen the resilience of Switzerland's financial sector.