Ethics and governance in the European Financial centers

Micheline Calmy-Rey made courageous statements that are reported in La Tribune de Genève.

Like the other jurisdictions with banking secrecy, Switzerland could not accept the OECD rules if competitors did not.

But what this Swiss minister adds is worth congratulating her for.
Dans le contexte économique actuel – où nos voisins souffrent d’une crise économique majeure – nous n’avions tout simplement plus le bon produit. Nous ne pouvions plus justifier que des milliards quittent illégitimement les caisses de nos partenaires.
“In the current economic context - where our neighbors suffer from a major economic crisis - we did not have quite simply the good product anymore. We could not justify any more that billions illegitimately leave our partners’ coffers.”

I cannot see such evolution in every jurisdiction on the grey list. For example, yesterday Prime Minister Juncker gave an interview stating that Luxembourg is not the problem and today Jean-Jacques Rommes, who chaired the Luxembourg Banker's association, did not make amends as well.


Both are denying that banks knowingly help to commit fraud, offshore abuses through Luxembourg with many dubious companies, the non implementation of OECD Recs despite an injunction last year, etc.

I do believe that Switzerland will abide by its commitments.