The International Monetary Fund has conducted the review of Switzerland’s financial policies

18.12.2013

From December, 4 till December, 17 of 2013 the delegation of the International Monetary Fund (IMF) headed by Charles Enoch, Deputy Director of the Monetary and Capital Markets department, spoke with representatives of the Swiss Bank, the Swiss Financial Market Supervisory Authority FINMA, the Federal Department of Finance and the private sector. These meetings marked the end of visits’ series by IMF to Switzerland, which lasted several months.

International Monetary Fund has conducted the review of the Swiss financial sector and also its compliance to the international standards of banking and insurance control. On this stage IMF is satisfied with financial policies executed by Switzerland, however final results will be published in spring of 2014. The results of review will be unified in the report which aims to estimate the stability of the financial sector in March of 2014. The International Monetary Fund conducts reviews every 5 years and they are mandatory for countries with globally financial centers.

Based on:http://www.admin.ch/aktuell/00089/index.html?lang=en&msg-id=51445

Expert’s opinion

IMF conducts annual bilateral meetings with IMF’s members according to Article IV of the Charter. The International Monetary Fund’s delegation arrives to a country, collects economic and financial data, arrange meetings with public officials with reference to economics and politics of the country. The delegation makes report which becomes a basis for debates by the Executive Board upon coming back to the headquarter of IMF. After this Managing Director as Chairman of the Board summarizes opinions of executive directors and sends the summary to authorities of states.

This time results of annual and five-year review will be published at the same time. Weasel words that IMF “is satisfied generally but the final results will be published in March” disquiet. Some experts-alarmists predict the collapse of western financial system. And it is going to happen on February-March 2014.

The scenario of Cyprus 2013 spring is already known. The EU Directive “saving banks by clients” is already passed. So let’s celebrate winter vacations and move forward and treat some surplus of money

Yaroslav Lomakin ( Managing partner of “Honest&Bright” company)