tailieunhanh - Swiss Direct Democracy and Regulation of Banking Sector

The aim of this article is to analyze the influence of the Swiss political system on the country’s banking sector. Is the Swiss direct democracy, which has no counterpart in any other country, an advantageous factor for the development and functioning of the banking sector? | Swiss Direct Democracy and Regulation of Banking Sector Technium Social Sciences Journal Vol. 3 1-10 February 2020 ISSN 2668-7798 Swiss Direct Democracy and Regulation of Banking Sector Prof. Dr. mult. Miroslaw Matyja Dr. . Logos International University USA Polish University Abroad in London Selinus University in Bologna Italy Indian Management School and Research Centre in Mumbai India Abstract. The aim of this article is to analyze the influence of the Swiss political system on the country s banking sector. Is the Swiss direct democracy which has no counterpart in any other country an advantageous factor for the development and functioning of the banking sector In order to fully answer this question the author has analyzed the results of direct voting on the Swiss bank regulations. He has concluded that there is an important and direct influence of the political system on the functioning of the financial sector. The analysis of the results of various federal referenda confirms the thesis that the Swiss direct democracy with its instruments of popular initiative and referendum has a decisive influence on the regulatory process in the country s banking sector. Keywords. Switzerland Banking Sector Direct Democracy Regulation Finance Introduction The Swiss political system differs significantly from other European democratic systems. Due to constitutional legislation and specific political instruments such as referendum and popular initiative the Swiss are really the sovereign who has the last say in every important issue from the communal to the federal level. This collective system of power characterized by a considerable influence of various interest groups political elites and citizens has no counterpart in any other country. For this reason the Swiss federalism with its complexity and distinctiveness cannot be directly implemented into the political system of a different country without a proper analysis of its .