Table of Contents

Executive summary
Assessment and recommendations
Chapter 1. Getting out of the crisis
-The recession in Switzerland is less deep than in main trading partners
-The crisis may have a long-lasting impact on the Swiss economy
-Macro-policy appropriately supported the economy but the timing of the exit strategy remains delicate
-Productivity performance remains disappointing
-Annex 1.A1. Progress in structural reform
Chapter 2. Swiss monetary policy in the current crisis and beyond
-The SNB has effectively supported financial stability and economic activity
-The international role of the large Swiss banks and of the Swiss franc influence policy making
Chapter 3. Containing the systemic risks from exceptionally large financial institutions
-Origins of the Swiss financial crisis and its repercussions
-Weakness in internal controls was a contributor but not the fundamental cause of the write downs
-Bolstering prudential standards to help contain systemic risk
-Strengthening the supervisory framework and institutions
-Strengthening cross-border arrangements for crisis prevention and management
Chapter 4. Lowering the high cost of housing and construction
-The high level of rents is partially explained by construction costs
-Tenant protection is also a factor explaining the high level of rent
-Deregulation in the housing sector could help reduce rental and construction costs
Chapter 5. Raising education outcomes
-Education outcomes
-Reforms to raise education outcomes
-Annex 5.A1. The education system in Switzerland
-Annex 5.A2. Education attainment and firm productivity