Federal Council initiates consultation on revision of Monetary Assistance Act

Bern, 18.12.2015 - Today, the Federal Council initiated the consultation procedure on amendments to the Federal Act on International Monetary Assistance. The consultation will run until 11 April 2016. The legislative revision should ensure that Switzerland can continue to reliably participate in measures to stabilise the international monetary and financial system and that it can maintain its responsiveness and flexibility.

The Federal Council is requesting a revision of the Federal Act of 19 March 2004 on International Monetary Assistance with this consultation draft. The revision should ensure that account is taken of the changes in the global economy and in the international financial system. Two major changes are being sought: an increase in the maximum term for monetary assistance in systemic crisis situations and the explicit definition of the involvement of the Swiss National Bank (SNB) in monetary assistance for individual countries.

The global crises of the last ten years have resulted in major changes in the international financial architecture. This also applies to monetary assistance, in particular in the context of the International Monetary Fund (IMF). Switzerland's monetary assistance is closely geared to IMF instruments.

Switzerland's reliability in monetary assistance measures contributes to its standing in the international financial system and allows it to present its position in a convincing and effective way on issues to do with financial stability in international bodies.

As an open economy with an important financial centre and its own currency, Switzerland is reliant upon a stable international financial and monetary system. Switzerland has long been involved in international aid measures and in recent years received requests time and again to provide monetary assistance.

Address for enquiries

Beat Werder, Head of Communications, State Secretariat for International Financial Matters SIF
Tel. +41 58 469 79 47, beat.werder@sif.admin.ch