Switzerland is a prosperous nation with a per capita gross interior(prenominal) output higher than that of most western European nations. In addition, the mensurate of the Swiss franc (CHF) has been relatively steadfast compared with that of other currencies. In 2009, the monetary sector comprised 11.6% of Switzerlands GDP and put oned approximately 195,000 population (136,000 of whom take on in the banking sector); this represents about 5.6% of the total Swiss workforce. Furthermore, Swiss banks employ an estimated 103,000 people abroad. Swiss disinterest and national sovereignty, capacious recognised by foreign nations, have fostered a stable purlieu in which the banking sector was able to develop and thrive. Switzerland has maintain neutrality through both World wars, is not a persona of the European Union, and was not even a member of the united Nations until 2002. Currently an estimated one-third of all funds held after-school(prenominal) the countr y of short letter (sometimes called offshore funds) are kept in Switzerland. In 2001 Swiss banks managed US$?2.6 trillion.
The following year they handled $ cd billion USD less(prenominal) which has been attributed to both a bear marketplace and stricter regulations on Swiss banking. By 2007 this figure has risen to nigh 6.7 trillion Swiss francs (US$6.4 trillion). The Bank of International Settlements, an organization that facilitates cooperation among the worlds rally banks, is headquartered in the urban center of Basel. Founded in 1930, the BIS chose to locate in Switzerland because of the countrys neutrality, whic h was grave to an organization founded by c! ountries that had been on both sides of World War I. Foreign banks operational in Switzerland manage 870 billion Swiss francs worth of assets (as of whitethorn 2006).If you want to get a wide-cut essay, order it on our website: OrderCustomPaper.com
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