Federal Council adopts dispatch on revision of Monetary Assistance Act
Bern, 30.09.2016 - Today, the Federal Council transferred the dispatch on the revision of the Federal Act on International Monetary Assistance to Parliament. The consultation on the proposal revealed that the revision is largely supported. The legislative revision should ensure that Switzerland can continue to reliably participate in measures to stabilise the international monetary and financial system.
The Federal Council requested a revision of the Federal Act of 19 March 2004 on International Monetary Assistance with the proposal. 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, bringing it from seven to ten years, and the explicit definition of the involvement of the Swiss National Bank (SNB) in monetary assistance for individual countries. An extension of the federal decree of 11 March 2013 on international monetary assistance (monetary assistance decree) is also being requested with the dispatch.
The global crises of recent years have resulted in major changes in the international financial architecture. Monetary assistance, particularly in the context of the International Monetary Fund (IMF), is also concerned. Switzerland's monetary assistance is closely geared to IMF instruments.
Switzerland's reliability with respect to monetary assistance measures contributes to its standing in the international financial system and allows it to present its position on financial stability issues in a convincing and effective way 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, email@example.com