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World economy

Swiss finance minister calls for reforms

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Swiss finance minister Ueli Maurer called for financial reforms to stimulate the world economy on Saturday, during the annual meeting of the International Monetary Fund (IMF) and World Bank in Washington, DC.

In a press conference, Maurer noted that the implementation of banking sector regulations, which were adopted after the 2008 financial crisis, has barely begun in some countries. He called on others to follow Switzerland’s “good example”.

“We need the stability of other financial centres to be able to better overcome this crisis,” he said.

On the other hand, the finance minister added that he was not in favour of further regulation.

“A small economy like Switzerland’s wants to rely on open financial markets,” he said. “Switzerland must, however, work within the general context of the issue, knowing that is no longer a paradise for undeclared money.”

Maurer dismissed the idea of more expansionist monetary policy, which has been in place since the 2008 crisis. According to the finance minister, the commitment to financial reform means wanting to create jobs and drive balanced fiscal policies.

He stressed that expansionist monetary policy, which implies historically low interest rates, has its limits, and making investments in an international context marked by state debts appears to be problematic at best.

“We can talk about a lot of problems in the global domain, but this should not exempt countries from bringing order and developing initiatives at home,” said Maurer.

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