The week in Switzerland
Dear Swiss Abroad,
The Swiss news from the past week could be likened to a soap opera. Topics making a splash are recurring themes like the tragedy in Crans-Montana but also the travails of the Swiss ice hockey team ahead of the World Championships at home.
Happy reading
The Federal Council has put an end to a long wait by deciding on the the capital requirements of UBS.
Since the rescue of Credit Suisse in spring 2023, the authorities have promised a review of the “too big to fail” system in order to draw the lessons from this major crisis. After several months of consultation and debate, the government has decided on its position, passing the ball to Parliament.
The central measure stipulates that UBS will have to fully cover the holdings held in its subsidiaries abroad. According to the Federal Council, this requirement is intended to ensure that the parent company in Switzerland can absorb a crisis without being weakened by losses abroad. The aim is to avoid a situation in which the state is forced to intervene again to stabilise a systemically important bank.
However, the Federal Council did not accept the most stringent proposals outlined in the preparatory work. It therefore refrained from a general increase in capital requirements and relaxed certain technical parameters. These adjustments are presented as a compromise that is supposed to strengthen financial stability while taking into account the competitiveness of the Swiss banking centre.
UBS has always opposed the tightening of the rules, warning of its economic consequences. The bank has also repeatedly raised the possibility of a move abroad if Switzerland were to adopt requirements deemed stricter than international standards.
There have been new developments around the tragedy in Crans-Montana over the past week.
A concert organised in Valais brought together musicians and the public in memory of the victims of the fire at the bar “Le Constellation”. The main aim of the event was to express lasting solidarity with the families affected and to support the survivors, while the legal proceedings are ongoing.
Internationally, a new controversy erupted after hefty hospital bills were sent to the families of Italian victims. Although the Valais health authorities spoke of an administrative error and assured that no amount would be claimed, the case provoked a strong reaction in Rome. The head of the Italian government, Giorgia Meloni, denounced an “inhumane bureaucracy”.
At the local level, the mayor of the municipality of Crans-Montana has in turn stepped up to the plate. In several speeches, he has strongly criticised the cantonal fire safety office, pointing to dysfunctions in organisation and surveillance. His statements only add fuel to the question of institutional responsibility.
These developments show that the tragedy in Crans-Montana remains at the centre of public attention, more than a 100 days after the fire. The Federal Council also intends to set up a round table to manage the consequences of the tragedy. A new step in this direction was taken on Wednesday with the appointment of its president: former senator from Neuchâtel Laurent Kurth, who takes office immediately.
Ice hockey featured prominently in the Swiss news of the past week. Even more than the play-off final, between Fribourg and Davos, the upheavals linked to the dismissal of the national team coach are still generating press coverage.
The Swiss ice hockey federation sacked coach Patrick Fischer in mid-April because he had gone to the Beijing Olympics in 2022 with a fake Covid certificate. The information was revealed by the German-speaking public broadcaster SRF. The former coach had confided this information to the journalist on the sidelines of an interview conducted for a portrait. To add more intrigue to the affair, this journalist now finds himself in turmoil because of past “racist remarks”, revealed by the Weltwoche.
The case made enough ripples to reach the International Olympic Committee, which asked Swiss Olympic for an explanation. Swiss Olympic CEO Roger Schnegg remains convinced that the dismissal was necessary. “He took a big risk, for himself, for the team and for the entire delegation,” he said on SRF.
Nevertheless, the decision continues to spark a lively debate. The Swiss stars of the NHL have demanded the return of Patrick Fischer at the head of the national team. A petition to this effect has collected thousands of signatures. In any case, it is certain that less than a month before the start of the World Championships in Switzerland, what is now known as the “Fischer affair” comes at a bad time for a national team that is now seeking to “rebuild itself”, in the words of Le Temps.
The weather is another recurring topic in the Swiss media. Over the past week, several articles and reports have expressed concern about the lack of rainfall, which has led to a situation of marked drought since the beginning of spring.
The rains of the last few weeks have been between 35% and 80% below seasonal norms depending on the region. Even the Central Plateau has a notable deficit for this time of year, which is traditionally essential for recharging soils and water reserves.
Although the situation has not yet been described as critical on a national scale, this spring drought is beginning to produce concrete effects. Surface soils are drying out quickly, already forcing some farmers to resort to irrigation early. In addition, the risk of forest fires is already considered high in some regions, while reservoirs remain low for the season.
These early episodes are part of a fundamental trend that has been observed for several years. Studies show that droughts are becoming more frequent and longer in Switzerland as a result of global warming, with increasing impacts on agriculture, hydropower and ecosystems. The spring of 2026 thus illustrates an increasingly recurring phenomenon, which raises the question of adapting water management in a country long considered the “water tower” of Europe.
The week ahead
This weekend the largest community of the Swiss Abroad is gathering together. The Swiss association in France is meeting in the Basque Country for its annual rendezvous.
Also planned for the weekend is the 25th edition of the tour of Lake Morat and the 24th World Championship of tracassets in the vineyards of Epesses.
Two popular initiatives will be officially launched on Tuesday: one calls for strong public transport and fair air fares, while the other aims to cancel the purchase of the F-35 fighter jets.
Several large companies (UBS, Syngenta, Glencore) will deliver their first quarter results, which will give us the opportunity to take the pulse of the Swiss economy.
Friday will see the traditional Labour Day gatherings on May 1.
Translated using AI/ac
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