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Global Financial Crisis, Too-Big-to-Fail Problem, and the End of Banking Secrecy (Since 2008)

In: Switzerland and its Banks

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  • Nils Herger

    (Study Center Gerzensee)

Abstract

The Global Financial Crisis of 2008 created a degree of economic instability not seen since the 1930s. In addition, for Switzerland, the years after 2008 created the idiosyncratic challenge of how to deal with two banks that are too big to fail. Furthermore, many countries around the world witnessed a massive increase in public debt. An aggressive clampdown on tax evasion became an obvious political answer to the resulting fiscal problems. Given the status as a large offshore banking centre, Switzerland became a target for international criticism of facilitating tax evasion. This resulted in the dismantling of banking secrecy for foreign customers during the decade after 2010. In general, this decade was characterised by a declining importance of the banking sector in Switzerland.

Suggested Citation

  • Nils Herger, 2023. "Global Financial Crisis, Too-Big-to-Fail Problem, and the End of Banking Secrecy (Since 2008)," Frontiers in Economic History, in: Switzerland and its Banks, chapter 0, pages 139-156, Springer.
    • Handle: RePEc:spr:frochp:978-3-031-35904-0_9
    DOI: 10.1007/978-3-031-35904-0_9
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