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OECD Economic Surveys: Switzerland 2011
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- Table of contents
- Basic statistics of Switzerland
- Executive summary
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Assessment and recommendations
- + The economic recovery has been broadly balanced but risks to the outlook have increased
- + The strong appreciation of the Swiss franc is threatening the export sector
- Some concerns are emerging that a housing market bubble may start building up
- Monetary policy needs to remain expansionary
- Fiscal policy should remain prudent
- + Incentives for households to leverage their wealth should be reduced
- Changes in the tax structure could strengthen potential activity
- + Cross-border issues in taxation need to be addressed
- + Reform of regulation of the large, internationally active banks is essential to limit potential financial risks
- Macroprudential considerations need to be incorporated effectively in prudential regulation
- + Some reform of the regulatory framework for the small banks active in domestic lending markets would help reduce potential risks further
- + Meeting greenhouse gas emission reduction targets requires more cost-effective policies
- The implicit carbon price in road transport is low
- The policy mix in the residential sector can be made more cost effective
- + Linking the Swiss and the EU emission trading system will help, but steps are required in the transition to the new system
- Annex A1. Progress in structural reforms
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Chapter 1.
Making the tax system less distortive
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- + The main characteristics of the Swiss tax system
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Making the tax system more supportive of growth
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- + Shifting taxation from direct to indirect taxes would reduce economic distortions
- + Reducing the overall contribution wedge on labour
- + Work incentives for second earners could be improved
- Leveling the playing field between financial services and other sectors
- Reducing distortions in households’ financial decisions
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Alleviating some negative impacts of tax decentralisation and competition on efficiency and equity
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- Notes
- Bibliography
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Chapter 2.
Reducing risks in the financial system
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The largest Swiss financial institutions require adequate legislation to limit systemic financial risks
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- + The 2 big banks continue to pose large systemic risks
- The initial policy response to financial risks in the large banks has been insufficient
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New legislation on the Big-2 is welcome, although several improvements could beconsidered
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- Figure 2.2. Capital adequacy ratio of Swiss big banks (in %)
- Figure 2.3. The new capital regime for SIFIs
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Figure 2.4. Leverage and capital adequacy ratios of major international banks
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Figure 2.5. Geographical composition of assets of Swiss big banks
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Regulation of smaller financial institutions
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Towards a new macroprudential policy framework
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The macroprudential framework should be reviewed
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Specific macroprudential tools tools should apply to mortgage markets
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Figure 2.9. Interest rates on mortgage loans, 1996-2011
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Figure 2.10. Real house price developments in Switzerland
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Box 2.1. Summary of main recommendations for strengthening financial regulation
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Figure 2.9. Interest rates on mortgage loans, 1996-2011
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The macroprudential framework should be reviewed
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Notes
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Bibliography
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The largest Swiss financial institutions require adequate legislation to limit systemic financial risks
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Chapter 3.
Reducing greenhouse gas emissions in a cost effective way
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Greenhouse gas emissions reduction – meeting new challenges
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Switzerland has been a forerunner in climate change mitigation
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Figure 3.1. GHG emissions in a selection of countries, 1990 and 2009
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Figure 3.2. Structure of GHG emissions, 2009
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Figure 3.3. GHG emissions from fuel combustion over time
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Figure 3.1. GHG emissions in a selection of countries, 1990 and 2009
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The GHG emission reduction targets are ambitious, especially if nuclear energy will bephased out
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… and require more cost effective policies
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Switzerland has been a forerunner in climate change mitigation
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More could be done at low cost in road transport
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Emissions from road transport are not yet addressed adequately
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Table 3.2. Estimated external costs from transportation in 2005
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Box 3.1. Current policies in the transport sector impacting climate policy goals
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Figure 3.4. Excise duties on transport fuels across selected countries, 2010
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Table 3.2. Estimated external costs from transportation in 2005
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Appropriate road pricing would create an incentive for reduced traffic
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Emissions from road transport are not yet addressed adequately
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The policy mix in the residential sector could be made more cost effective
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Incentives for energy-saving renovations are weak
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Figure 3.5. Role of residential per capita GHG emissions across countries, 1990-2009
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Figure 3.6. Principal energy sources for residential heating
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Figure 3.5. Role of residential per capita GHG emissions across countries, 1990-2009
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Rental policy should take into account environmental needs more appropriately
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The use of the CO2 levy in the residential sector should be revised
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Improving rent regulation and the use of the CO2 levy should be complemented withbetter information
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Incentives for energy-saving renovations are weak
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Incentives to reduce emissions would have to be improved in industry and agriculture
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In industry, market based instruments are in place…
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… but incentives to reduce CO2 emissions remain suboptimal
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There is still potential for GHG emission reductions beyond CO2 in agriculture
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Figure 3.8. Developments in non-CO2 greenhouse gas emissions in Switzerland
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Box 3.4. Main policy recommendations for reducing greenhouse gas emissions in a cost effective way
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Figure 3.8. Developments in non-CO2 greenhouse gas emissions in Switzerland
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In industry, market based instruments are in place…
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Notes
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Bibliography
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Greenhouse gas emissions reduction – meeting new challenges
OECD's 2012 Economic Survey of Switzerland examines recent economic developments, policy and prospects; making the tax system less distortive; reducing risks in the financial system and reducing greenhouse gas emissions as well as making a series of policy recommendations.
Book Details
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Categories
Business & Economics > Forecasting
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Publication year : 2012
License: All rights reserved ©
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