The political agreement at the heart of the issue -- which seeks to replace treaties on everything from agriculture to immigration and civil aviation -- was finalized in November last year. It hasn’t been endorsed by the Swiss government because it’s unpopular at home, in part because of fears it’ll erode high local wages.
Earlier this month, while saying it was still “broadly positive,” Switzerland asked for some clarifications.” That was seen in Brussels as an attempt by the country to renegotiate the accord, which the EU has ruled out.
The commission has also complained about “foot-dragging” by the government in Bern, and unless the commission decides otherwise, regulatory equivalence of the Swiss stock exchange will expire at the end of the week.
The UK is not the only country which has had difficulty getting a deal negotiated with the EU approved at home. The interesting point about this process, from an outsider’s perspective, is the similarity in the EU’s response to both Switzerland and the UK. The refusal to reopen negotiations, the threat of disavowing regulatory equivalence and imposition of deadlines are being used as tactics in both sets of negotiations.Click HERE to subscribe to Fuller Treacy Money Back to top