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This note is taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2010.
While Switzerland has weathered the crisis better than other OECD countries, it may have a lasting impact on the Swiss economy. The need for further structural reforms results from fiscal sustainability issues related to ageing and weak trend productivity growth.
While Switzerland has weathered the global crisis better than other OECD economies, challenges remain for monetary and fiscal policies, as well as financial market regulation.
The comparatively large magnitude of the losses of the two largest banks of Switzerland in relation to capital has underscored the systemic risks to the economy posed by the institutions’ size relative to Swiss GDP and their extensive cross-border and cross-currency activities.
The Swiss National Bank took decisive action to support financial market stability and dampen the recession. In the current situation, the main challenge facing the SNB concerns the exit strategy.
The Swiss education system performs well in many important dimensions. Remaining challenges include raising education outcomes of children with modest socio-economic background. Removing barriers to higher tertiary attainment could also help raise productivity.
Renting accommodation in Switzerland is considerably more expensive than in other high income OECD countries.
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Switzerland receives generally good marks in “Doing Better for Children”, the OECD’s first report on the well‐being of children. But there are areas which may need policy attention to improve the lives of Swiss children, including better child exercise and vaccination rates.
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Switzerland’s public accounting system has been completely overhauled. The New Accounting Model for the Confederation was used for the first time to prepare the 2007 budget and the 2008-10 financial plan. This article examines the fundamental new directions of financial management in Switzerland.
Switzerland’s aid volume was USD 2.02 billion in 2008, an increase of more than 6% over the previous year, and a total of 0.42% of its gross national income (GNI). In 2008 it had already surpassed its Monterrey commitment to contribute 0.4% of its GNI to ODA by 2010. Switzerland should adopt a 0.5% target for its aid, keeping in mind the 0.7% UN target. At the request of parliament, the Federal Council has evaluated options for a