Switzerland to attend IMF and World Bank 2014 Spring Meetings
Bern, 10.04.2014 - Federal Councillor Eveline Widmer-Schlumpf, Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, and State Secretary Marie-Gabrielle Ineichen-Fleisch will attend the joint Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington from 11 to 13 April 2014. In the IMF, the global economic environment and the quota and governance reforms will be the key topics. In the case of the World Bank, the focus will be on the challenges faced by developing countries in overcoming the global economic crisis and the implementation of the new World Bank strategy.
The IMF expects the tentative economic recovery to continue. Positive momentum is expected above all from the US. The outlook for the euro area is brightening after the 2013 recession, in particular thanks to the robust economic situation in Germany. By contrast, the IMF expects only a moderate improvement in the economies of the emerging markets.
Switzerland agrees with the IMF that structural measures are required in many countries. Concerning the still expansive monetary policy, Switzerland will point out that although this policy provides support for the economy in the short term, it will not, however, bring about the required reforms and thereby sustainable growth. Finally, Switzerland will underline the significance of the regulatory reform agenda and in particular of enabling the cross-border resolution of systemically important banks.
Against the backdrop that it has still not been possible to implement the reform package adopted in 2010, the IMF will discuss the further course of action concerning the quota and governance reforms. These reforms were already ratified by Switzerland in 2012.
The World Bank will address the conditions under which the recovery of the global economy can have a positive impact on the economic growth of the developing countries. Switzerland supports the World Bank's recommendations for reducing the existing macroeconomic imbalances in developing countries and promoting broadly-based and sustainable growth. The consistent implementation of the new World Bank strategy should provide targeted and effective support for the developing countries. Switzerland and the World Bank will also sign a project agreement for a regional programme on good corporate governance in Asia, Africa and Latin America. Switzerland's contribution amounts to CHF 16.6 million. The goal of the programme is the increased use of comprehensive corporate governance practices and, linked to this, stronger financial and operational performance of companies. This will in turn have a positive impact on economic growth and poverty reduction, and will also benefit Swiss companies which invest in the respective countries.
Address for enquiries
Mario Tuor, Head of Communications, State Secretariat for International Financial Matters SIF
tel. +41 31 322 46 16, mario.tuor@sif.admin.ch
Marie Avet, Deputy Head of Communications, State Secretariat for Economic Affairs SECO
tel. +41 58 462 40 20, marie.avet@seco.admin.ch
Olivier Bürki, Head of the Global Institutions Division, Swiss Agency for Development and Cooperation SDC
tel. +41 31 322 86 09, olivier.burki@eda.admin.ch
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
Federal Department of Economic Affairs, Education and Research
http://www.wbf.admin.ch
State Secretariat for Economic Affairs
http://www.seco.admin.ch
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html