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October 2025

Too Urgent to Rush

The downfall and forced sale of Credit Suisse to UBS—the largest crisis involving a Global Systemically Important Bank (G-SIB) since the Global Financial Crisis—has sparked a new debate as well as anoverhaul of the “Too Big to Fail” (TBTF) regulatory framework. After multiple waves of reports and investigations of the matter, the Swiss federal government presented its proposals for future legislation to the national lawmakers on June 6th, 2025.

 

This brief reviews the current proposals and debate surrounding Switzerland’s TBTF regulations – focussing on the focal point of increased capital requirements. Furthermore, it considers their economic and foreign policy dimensions, and suggests potential ways to further reinforce its credibility and effectiveness, especially with regards to the resolution framework and stabilisation mechanisms.

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March 2022

Bridging Sustainable Digital Finance Ecosystems. A Call for a Grassroots Governance Approach

The growing attention paid to technological innovations in finance is creating substantial momentum to develop sustainable digital finance ecosystems, both at global and national levels. Acknowledging the key role that the finance industry has to play in financing the UN 2030 Agenda, grounded in the so-called ‘FinTech revolution’, several players and institutions are aiming to cooperate to steer the (digital) finance industry’s transition to more sustainability- oriented and inclusive business models. The ultimate goal is to ensure that the development of financial innovations is guided by global challenges, such as the achievement of the SDGs.

This foraus policy paper discusses the question: What would be the ideal governance model for the global sustainable digital finance ecosystem? Based on desk research, discussions with experts, and the results from the participatory process FinTechs & Sustainability: Envisioning Sustainable FinTech Bridges, the authors argue that a grassroots governance approach should be adopted following three recommendations for action, linked to three identified phases of implementation, to provide a level playing field where different players, no matter their size, can be heard, learn from each other’s experiences and support the expansion and adoption of innovations across the different ecosystems.

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May 2021

Swiss FinTechs & Sustainability: the Current Landscape and Four Policy Recommendations

In a comprehensive mapping of the digital, sustainable finance landscape, the authors show that the combination of digitalization and sustainability in the financial sector can play an important role in the implementation of the 2030 Agenda and the Paris Climate Agreement. In recommendations for action, they propose concrete steps to better exploit the potential of digital, sustainable finance and to optimally position the Swiss financial center in this internationally competitive field of the future.

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May 2020

Schengen back on the road: Reopening Schengen’s internal borders in times of COVID-19

Since the end of January 2020 and the first cases of COVID-19 in Europe, the Schengen member states have been operating in a rapidly changing environment. In an attempt to limit the spread of the epidemic, they have introduced temporary border controls and travel restrictions within the Schengen area with little to no coordination. The economic, social and political costs of these unilateral measures are putting a heavy strain on the Schengen system and its member states. The absence of a joint response could have a long-lasting impact on the Schengen project and, more generally, on European integration.

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January 2017

FIDLEG und FINIG als Türöffner zum EU-Markt

Der Schweizer Finanzplatz sieht sich gegenwärtig mit zahlreichen Herausforderungen wie der Digitalisierung, der Umstellung auf den automatischen Informationsaustausch oder dem Tiefzinsumfeld konfrontiert. Konsolidierungen im Bankenbereich sind an der Tagesordnung – Arbeitsplätze, Steuersubstrat und die internationale Wettbewerbsfähigkeit des Schweizer Finanzplatzes stehen auf dem Spiel. Vor diesem Hintergrund bietet der «EU-Pass» eine attraktive Möglichkeit für neue Geschäftsmodelle der Schweizer Finanzdienstleister.

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Projects

People

Board Member and Policy Fellow

Selina Hänni

Policy Fellow

Kaspar Köchli

Board Member and Policy Fellow

Aurèle Cotton

Policy Fellow

Pascal Bührig

Policy Fellow

Livio Bucher