DOCSLIB.ORG

Annual Report of the Eth Board on the Eth Domain 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report of the Eth Board on the Eth Domain 2018 ANNUAL REPORT OF THE ETH BOARD ON THE Annual ReportAnnual 2018 ETH DOMAIN 2018 Prelude Prelude Table of contents ETHTable Domain of contents Total federal contribution1 Expenses CHF millions CHF millions 23 32 2018 F A C T S & F I G U R E S m m & Figures Facts 2,531 3,349 15 2017: CHF 2,531m 2017: CHF 3,307m The ETH Domain consists of the two Federal Institutes of Technology Value-added study 2 ETH Zurich and EPFL as well as the four federal research institutes, PSI the Paul Scherrer Institute (PSI), WSL, Empa and Eawag. Appointed Investments in Value-added 1 job creates 4 jobs by the Federal Council, the ETH Board is the strategic governing and Successfulthe ETH Domain expansionin Switzerland in the ETH Domain in Switzerland supervisory body of the ETH Domain. 8 www.ethboard.ch of research infrastructure Federal Councillor Guy Parmelin with the Presidents The ETH Domain maintains numerous research 1 and the Directors of the institutions of the ETH Domain. infrastructures such as the research and innovation building NEST or the neutron source SINQ, which is at 1 1 4 2 WEF 2019 the disposalCHF of national and international5.4 research- ers. The latter is currently being refurbished and will The Institutions of the ETH Domain Switzerland as then be the source with the best lens in theCHF world. 3 ETH Zurich Page 15 EPFL Page 19 PSI a global playerPage 23 For the third time, ETH Zurich exhibited at the WEF EmpaApprox. CHF 2.5bn Approx. CHF 13.3bn Approx. 21,000 Approx. 80,000 jobs with its own pavilion in Davos. The ETH Board and from the state cross value-added employees in Switzerland the institutions of the ETH Domain invited delegates Actuators instead to events on cutting-edge research in Switzerland. Personnel Students andEawag doctoral students At ETH Zurich, around 500 professors 11,100 students and doctoral students The PaulThe Scherrer networking Institute events(PSI) develops, brought together national of motors educate over 21,000 students and doc- from 116 countries and more than 350 builds and operatesinternational large-scale scientists, and policy-makers and the CTsystems,Employment a spin-off contracts company from Empa, has already toral students from over 120 countries. laboratories conduct leading research complex research facilities which it The wastewater Together they are engaged in research in in areas such as renewable energy, makes busiavailableness forcommunity. use by the national unveiled the first prototype of electromechanical poly- goldmine the fields of natural science, engineer- medical technology, materials science and international› Markus Mallaun research / ETH Board community. mer converters in a stacked configuration: as an actu- ing, architecture,ETH mathematics,Zurich: 2019 system- Fields Medaland information technology. On aver- All of these large-scale research facili- ator, it converts electrical energy into mechanical work Millions of people around the world have no access oriented sciences, as well as in manage- age, EPFL produces more than one spin- ties are unique in Switzerland, and in ment studies and the social sciences. off per month and maintains close some cases the PSI is the only place in with an “integrated” sensor function. Thanks to the to sanitation that offers a “clean” solution. Therefore, The findings andProfile innovations ofof the ETH economic relations. In 2018, EPFL the worldEPFL to have them. The institute's collaboration with the Swiss specialist Dätwyler, the Eawag is researching technical possibilities for treating researchers flow into the most forward- opened the LEARN Centre, dedicated own research focuses on the fields of 22,349 32,531 degree of industrial production reached a new level. wastewater and recovering resources from it. looking sectorsAlessio of Swiss industry, Figalli from to educational sciences. It promotes matter and materials, energy and the Proportion of women: 34% Apprentices: 462 Proportion of women: 31% informatics to micro- and nanotechnol- educational innovation to meet the environment,Disappearing as well as humanity and glaciers ogy, and high-techHe won medical it. The equipment. most prestigiouschallenges prize of digitalin mathematics transformation, health. www.ethz.chin the world, the Fields Medal.just as Andthe Center this hasfor Digital turned Trust does. www.psi.chand ecosystems World-class patents3 Spin-offs from the ETH Domain www.epfl.ch Figalli, a professor in mathematics at ETH Zurich, into A team of researchers from EPFL is planning a major a role model. Twice as many young people enrolled to expedition to around 200 glaciers around the world WSL study mathematics in his native city of Rome in Italy to gain a better understanding of microbial life in Harvard 29 MIT in autumn 2018. those disappearing ecosystems. ETH Domain Mounting extremes University of Oxford In an interview, WSL experts Andreas Rigling and WSL Page 26 Empa Page 29 Eawag Page 32 University of California Manfred Stähli explain what effect dry summers like Stanford University Tsinghua University the one in 2018 will have on nature in Switzerland. CNRS 55 Fraunhofer JST, Japan Chin. Acad. of Sciences University rankings The WSL investigates21 changes to the Empa is the interdisciplinary research Eawag is one of the world’s leading terrestrial environment,EPFL: 2018 and Latsis the Prizeuse institute of the “ETH Domain” for water research institutes. Its strength In comparison with some of the world's THE World THE Europe QS World QS Europe and protection of natural habitats materials science and technology. On and success are based on the combina- most renowned research institutions Ranking Ranking Ranking Ranking and cultural landscapes. It monitors the basis of its research, it develops tion of research, teaching and continu- 26 the conditionWinner and progress of forests, solutions to meet the biggest challenges ing education that it has provided for the ETH Domain has the third-highest share landscape, biodiversity, natural haz- currently facing industry and society, over 80 years, along with consultancy of world-class patents. 11 4 7 3 ards and snowAndrea and ice, and develops Ablasser and therefore plays a significant role and the transfer of knowledge. The sustainable solutions for socially rele- in reinforcing the innovative capacity combination of natural sciences, engi- vant problems.Andrea WSL also Ablasser, includes assistantthe andprofessor competitiveness at EPFL, ofwas Swiss industry neering and social sciences enables 35 9 22 7 WSL Institute awardedfor Snow and the Avalanche 2018 National in Latsisan increasingly Prize for competitive her environ- comprehensive research into water in Research SLF Davos. ment. relatively untouched rivers and lakes, 1 Credits taking into account the budgetary framework www.wsl.ch ground-breaking researchwww.empa.ch on innate immunity. right through to waste water manage- 19 2 BiGGAR Economics, November 2017 ment systems. 3 BAK Economics AG, 2018 ETH Zurich EPFL www.eawag.ch 4 ETH DOMAIN Annual Report 2018 5 Vision Annual Report of the ETH Board VISION on the ETH Domain 2018 The ETH Domain strives to strengthen the competitiveness of Switzerland in the long- term and contributes to the development of society through excellence in research, Foreword 6 teaching and knowledge and technology Review 8 transfer. It endeavours to serve as an exemplary beacon by assuming its share Fascination ETH Domain 11 of responsibility for the management of Governance 35 urgent social challenges, the enhancement Strategic objectives 45 of the quality of life, and the long-term maintenance of our natural resources. Key figures 81 Financing statement 99 PSI Publication data 106 Villigen ETH Zurich/ ETH Board ETH Zurich Zurich Basel Empa/ Eawag Empa Dübendorf St. Gallen WSL EPFL Birmensdorf Neuchâtel ETH Board Bern Eawag Kastanienbaum EPFL Empa EPFL/ WSL Fribourg WSL Thun Lausanne Davos EPFL/ WSL/ Empa WSL Sion Cadenazzo EPFL Geneva ETH Zurich Lugano The ETH Domain and its institutions The ETH Domain consists of the two Swiss Federal Higher education, research and innovation of the Institutes of Technology ETH Zurich and EPFL as well highest standard: the ETH Domain provides these as the four federal research institutes the PSI, WSL, Financial Report: services with more than 22,000 employees, more Empa and Eawag. The strategic leadership and than 32,000 students and doctoral students and supervisory body of the ETH Domain is the ETH Board. www.ethboard.ch/financialreport2018 a pool of around 850 professors. www.ethdomain.ch I www.ethboard.ch 3 Prelude Prelude Table of contents Table of contents 23 32 15 PSI Successful expansion 8 of research infrastructure Federal Councillor Guy Parmelin with the Presidents The ETH Domain maintains numerous research and the Directors of the institutions of the ETH Domain. infrastructures such as the research and innovation building NEST or the neutron source SINQ, which is at WEF 2019 the disposal of national and international research- ers. The latter is currently being refurbished and will Switzerland as then be the source with the best lens in the world. a global player For the third time, ETH Zurich exhibited at the WEF Empa with its own pavilion in Davos. The ETH Board and the institutions of the ETH Domain invited delegates Actuators instead to events on cutting-edge research in Switzerland. Eawag The networking events brought together national of motors and international scientists, policy-makers and the CTsystems, a spin-off company from Empa, has already The wastewater business community. unveiled the first prototype of electromechanical poly- goldmine › Markus Mallaun / ETH Board mer converters in a stacked configuration: as an actu- ETH Zurich: 2019 Fields Medal ator, it converts electrical energy into mechanical work Millions of people around the world have no access with an “integrated” sensor function. Thanks to the to sanitation that offers a “clean” solution. Therefore, Profile of EPFL collaboration with the Swiss specialist Dätwyler, the Eawag is researching technical possibilities for treating degree of industrial production reached a new level.
Load more

Recommended publications
  • Switzerland in the Second World War
    To Our American Friends: Switzerland in the Second World War By Dr. Hans J. Halbheer, CBE Honorary Secretary of the American Swiss Foundation Advisory Council in Switzerland and a Visiting Scholar at the Hoover Institution, Stanford University, California Dr. Halbheer wrote the following essay in 1999 to offer a Swiss perspective on some issues of the recent controversy to American friends of Switzerland. In addressing the arguments raised by U.S. critics of the role of Switzerland during the Second World War, I am motivated both by my feelings of friendship towards America and by my Swiss patriotism. For both of these reasons, I feel deeply hurt by both the charges against my country and the vehemence with which they have been expressed. During a recent period of residency at the Hoover Institution at Stanford University, one of the leading U.S. think tanks, I sought to present my personal standpoint regarding the lack of understanding about Switzerland’s role during the Second World War in many discussions with Americans both young and old. On these occasions, I emphasized my awareness of the fact that the criticisms of Switzerland came only from a small number of Americans. Despite the settlement reached in August 1998 between the two major Swiss banks (Credit Suisse Group and UBS) and two Jewish organizations (the World Jewish Congress and the World Jewish Restitution Organization), the matter has still not run its course, although it has widely disappeared from the American media. Unfortunately, I must maintain that as a result of the generally negative portrayal of Switzerland over the past few years, the image of Switzerland has suffered.
    [Show full text]
  • Fiscal Conservatism and Autonomy Without Much Coordination
    Nils Soguel The Swiss cantons: Fiscal conservatism and autonomy without much coordination Working paper de l’IDHEAP 13/2014 Unité de recherche en finances publiques Nils Soguel The Swiss cantons: Fiscal conservatism and autonomy without much coordination Working paper de l’IDHEAP 13/2014 Unité de recherche en finances publiques The Swiss cantons: Fiscal conservatism and autonomy without much coordination Nils Soguel* Institut de hautes études en administration publique-IDHEAP, University of Lausanne, Switzerland May, 2014 Abstract This paper presents the way the Swiss cantons were impacted by the 2008 financial crisis and its aftermaths, and the way they reacted. The Federal Constitution of the Swiss Confederation provides that “the Confederation [central government], the Cantons [sub-central governments] and the Communes [local governments] shall take account of the economic situation in their revenue and expenditure policies (Art.100, al.4)”. Simultaneously, it stipulates that “Cantons are sovereign except to the extent that “their sovereignty is limited by the Federal Constitution” (Art.3). Thus the cantons benefit from far-reaching political, financial and fiscal autonomy. In the past and despite the provision of Art.100, most of them have made use of this autonomy to engage in pro- cyclical fiscal policies. The pro-cyclical behaviour stems from a culture of rather conservative fiscal policy. This culture has indeed been transposed by individual cantons into their own legislation governing their public finance. Most have chosen to legally cap the deficit or even ban that possibility—often referred to as budget constraints—regardless the macroeconomic conditions. This particular institutional setting points towards the difficulty to conduct a consistent macroeconomic policy not only between the different tiers of government, but also between the fiscal and the monetary policies.
    [Show full text]
  • Folder 29 Switzerland
    TREASURY DEPARTMENT INTER OFFICE COMMUNICATION DATE TO Miss Hodel March 14, 1944 FROM R. B. Parke ~ubject: Recipien~s in Switz/rland of fu~ds remitted by relief organizations for reliif and evacuation operations in enemw and enemw-occupied territory. / In accordance with your request there are listed below the names and addresses of individuals to whom remittances are made by,relief organizations in this country for relief and evacuation operations in enero.y and enemw-occupied territory: . Address Organization Represented Dr. A. Freudenberg, 41 Avenue de Champel,Geneva, American Committee for Switzerland. · Christian Refugees, Inc. Rene Berthelet, 14 Waserstrasse, Zurich, ~ternational Rescue and Switzerland. Relief Committee. Noel Field, '- ,_ 12 Rue du Vieux College, Unitarian Service Committee. ····Geneva, Switzerland, Saly :Mayer, St. Gallen, Switzerland. J.D.C. Dr. Riegner, , Geneva, Switzerland•. · Vlorld Jewish Congress. Isaac Sternbuch, St. Gallen, Switzerland. Union of Orthodox Rabbis. Dr. B. Tchlenov International Red Cross, Gmeva Jewish Labof Coin.'irl.ttee and/or Dr. L •. Hersh, Professor at the Universi;ty ···- · · ·.· of Geneva. · - - In addition to the foregoing, the Intern~tional.Red Cross, Geneva, Switz~land, was the recipient of the sum of $100,000 from the JDC for the purchase of food and other suppli~ for distribution in Rumania, Croatia, Hungary and· Czechoslovalda. The Greek Legation, Bern, Switzerland;, \Vas ayo the recipient .. of a relat:i._vely small runount, 20,000 t1\v:i,_ss fr_51nc:3Jor the re:LJ._e_!'__E_f ~Cl_rE3ek~pationals >~­ held as hostages in Northern Italy. The International Red Cross, Geneva, Switzer­ land, vms also the pa;yee designc>.ted in a license issti~d to the International Rescue and Relief Conunittee per1nitting it to remit $7,500 monthly for a period of six months for the relief of Spanish refugees_in camps .inSouth Frli.hceo · · r~_-·o_-./-_ ~- R.
    [Show full text]
  • Monetary Policy Assessment of 17 December 2020 Swiss National Bank Maintains Expansionary Monetary Policy
    Press release Communications P.O. Box, CH-8022 Zurich Telephone +41 58 631 00 00 [email protected] Zurich, 17 December 2020 Monetary policy assessment of 17 December 2020 Swiss National Bank maintains expansionary monetary policy The coronavirus pandemic is continuing to have a strong adverse effect on the economy. Against this difficult backdrop, the SNB is maintaining its expansionary monetary policy with a view to stabilising economic activity and price developments. The SNB is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%. In light of the highly valued Swiss franc, the SNB remains willing to intervene more strongly in the foreign exchange market. In so doing, it takes the overall exchange rate situation into consideration. Furthermore, it is supplying generous amounts of liquidity to the banking system via the SNB COVID-19 refinancing facility. The SNB’s expansionary monetary policy provides favourable financing conditions, counters upward pressure on the Swiss franc, and contributes to an appropriate supply of credit and liquidity to the economy. In the current situation, the inflation outlook remains subject to high uncertainty. The new conditional inflation forecast through to the end of 2021 is slightly lower than in September. This is primarily due to the renewed deterioration in the economic situation as a result of the second wave of the pandemic. In the longer term, the inflation forecast is unchanged from September. The forecast for 2020 is negative (−0.7%). The inflation rate is likely to be higher again next year (0.0%) and slightly positive in 2022 (0.2%).
    [Show full text]
  • Annual Report 2018 Eidgenössische Finanzkontrolle Contrôle Fédéral Des Finances Controllo Federale Delle Finanze Swiss Federal Audit Office
    EIDGENÖSSISCHE FINANZKONTROLLE CONTRÔLE FÉDÉRAL DES FINANCES CONTROLLO FEDERALE DELLE FINANZE SWISS FEDERAL AUDIT OFFICE 2018 ANNUAL REPORT BERN | MAY 2019 SWISS FEDERAL AUDIT OFFICE Monbijoustrasse 45 3003 Bern – Switzerland T. +41 58 463 11 11 F. +41 58 453 11 00 [email protected] twitter @EFK_CDF_SFAO WWW.SFAO.ADMIN.CH DIRECTOR’S FOREWORD FROM WHISTLEBLOWING TO PARTICIPATORY AUDITING In 2008, federal employees were not form www.whistleblowing.admin.ch. It is legally required to report the felonies now the IT system that ensures the an- they encountered to the courts. The onymous processing of reports. These experts of GRECO, a Council of Europe reports come from federal employees, anti-corruption body, pointed out this but also from third parties who have wit- shortcoming at that time in their evalu- nessed irregularities. ation report on Switzerland. For the SFAO, processing this infor- To remedy this shortcoming, the Federal mation is not simple. It is necessary to Office of Justice, in close cooperation sift through the information and critic- with the Federal Office of Personnel and ally verify onsite whether it is plausible. the Swiss Federal Audit Office (SFAO), Some reports may actually be intended introduced on 1 January 2011 the new to harm someone. It is then necessary Article 22a of the Federal Personnel to identify the appropriate time to initiate Act and the obligation to report felonies possible criminal proceedings and avoid and misdemeanours prosecuted ex of- obstructing them by alerting the perpe- ficio. This is when whistleblowing was trators of an offence. In any case, noth- launched at the federal administrative ing that could put the whistleblower in level.
    [Show full text]
  • Doing Business in Switzerland: 2014 Country Commercial Guide for U.S
    Doing Business in Switzerland: 2014 Country Commercial Guide for U.S. Companies INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2012. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. Chapter 1: Doing Business In Switzerland Chapter 2: Political and Economic Environment Chapter 3: Selling U.S. Products and Services Chapter 4: Leading Sectors for U.S. Export and Investment Chapter 5: Trade Regulations, Customs and Standards Chapter 6: Investment Climate Chapter 7: Trade and Project Financing Chapter 8: Business Travel Chapter 9: Contacts, Market Research and Trade Events 1 Chapter 1: Doing Business in Switzerland Market Overview Market Challenges Market Opportunities Market Entry Strategy Market Overview Return to top Switzerland’s population of 8 million is affluent and cosmopolitan GDP of about USD 631 billion; growth forecast of 2.2% for 2014 In 2013 total exports from the U.S. to Switzerland amounted to USD 27 billion. U.S.-Swiss trade generally stable despite financial and economic crisis; World-class infrastructure, business-friendly legal and regulatory environment Highly educated, reliable, and flexible work force Consumer and producer of high-quality, value-added industrial/consumer goods Manufacturing sector is highly automated and efficient Strong market demand for U.S. components and production systems Strong demand for high quality products with competitive prices Highest per capita IT spending in the world Multilingual/multicultural European test market and
    [Show full text]
  • Swiss Money Secrets
    Swiss Money Secrets Robert E. Bauman JD Jamie Vrijhof-Droese Banyan Hill Publishing P.O. Box 8378 Delray Beach, FL 33482 Tel.: 866-584-4096 Email: http://banyanhill.com/contact-us Website: http://banyanhill.com ISBN: 978-0-578-40809-5 Copyright (c) 2018 Sovereign Offshore Services LLC. All international and domestic rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying and recording or by any information storage or retrieval system without the written permission of the publisher, Banyan Hill Publishing. Protected by U.S. copyright laws, 17 U.S.C. 101 et seq., 18 U.S.C. 2319; Violations punishable by up to five year’s imprisonment and/ or $250,000 in fines. Notice: this publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold and distributed with the understanding that the authors, publisher and seller are not engaged in rendering legal, accounting or other professional advice or services. If legal or other expert assistance is required, the services of a competent professional adviser should be sought. The information and recommendations contained in this brochure have been compiled from sources considered reliable. Employees, officers and directors of Banyan Hill do not receive fees or commissions for any recommendations of services or products in this publication. Investment and other recommendations carry inherent risks. As no investment recommendation can be guaranteed, Banyan Hill takes no responsibility for any loss or inconvenience if one chooses to accept them.
    [Show full text]
  • Three Essays in Financial Economics
    Zurich Open Repository and Archive University of Zurich Main Library Strickhofstrasse 39 CH-8057 Zurich www.zora.uzh.ch Year: 2008 Three essays in financial economics Monnin, Pierre Abstract: PART 1: Stock price with consumption CAPM: an international comparison PART 2: Time variations in the equity premium: is it habit formation or loss aversion? PART 3: Common exposure and systemic risk in the banking sector Posted at the Zurich Open Repository and Archive, University of Zurich ZORA URL: https://doi.org/10.5167/uzh-6242 Dissertation Published Version Originally published at: Monnin, Pierre. Three essays in financial economics. 2008, University of Zurich, Faculty of Economics. Three essays in financial economics Abstract PART 1: Stock price with consumption CAPM: an international comparison PART 2: Time variations in the equity premium: is it habit formation or loss aversion? PART 3: Common exposure and systemic risk in the banking sector Three Essays in Financial Economics Dissertation for the Faculty of Economics, Business Administration and Information Technology of the University of Zurich to achieve the title of Doctor of Economics presented by Pierre Monnin from Develier JU approved at the request of Prof. Dr. Thorsten Hens Prof. Dr. Mathias Hoffmann The Faculty of Economics, Business Administration and Information Technology of the University of Zurich hereby authorises the printing of this Doctoral Thesis, without thereby giving any opinion on the views contained therein. Zurich, April 2, 2008 The Dean: Prof. Dr. H. P. Wehrli Preface This thesis is composed of three distinct essays with relatively disparate topics. Each essay constitutes an entity on its own and can therefore be read independently from the others.
    [Show full text]
  • Successfully Different
    The magazine for private clients Successfully different Fall Edition 2015 170867_Magazin_Privatkunden_UG_e.indd 3 27.10.15 08:11 “The reason why we are so successful is that Switzerland is an open, inter- national, and multicultural country. Three major linguistic cultures live side by side, so we are used to collaborating across cultures here.” Patrick Aebischer, President of the École Polytechnique Fédérale de Lausanne (EPFL) 170867_Magazin_Privatkunden_UG_e.indd 4 27.10.15 08:13 Editorial Dear readers, A country without natural resources, dependent on importing food, Switzerland’s dual education system underpins the country’s with no direct access to the sea, and yet one of the richest countries excellence in innovation. In an in-depth interview, Patrick in the world: Switzerland. Where does this success come from? Aebischer, the President of the Federal Institute of Technology in Lausanne, explains how this system functions, and how it con- People are influenced by their environment. The challenges tinues to evolve. posed by landscape and climate here have always called for creative solutions – ones that can only be put into action when But how do different people see this country? We looked for the communities behind them are only strong and determined. answers to that question both here and abroad, and share them Realising such solutions also meant that people had to be able with you in this issue. to rely on one another. The Swiss Railways and indeed the coun- try’s entire public transport network are excellent illustrations I wish you a stimulating and interesting read about how Switzerland exemplifying these virtues.
    [Show full text]
  • PDF Structure and Organisation of the Swiss
    Structure and organisation of the Swiss National Bank SNB 62 1 Organisation Unlike most foreign central banks, the Swiss National Bank is not a government-owned bank: it is an independent public-law institution in the form Structure of a joint-stock company. All its shares are registered shares and are listed on the stock exchange. Shareholders’ voting rights are restricted by statute to Swiss citizens, Swiss public-law corporations and legal entities whose main establishment is in Switzerland. Just under 54% of the shares are held by cantons and cantonal banks: the remainder are mostly owned by private per- sons. The Confederation does not hold any shares. The National Bank is administered with the cooperation and under the supervision of the Confederation. The Governing Board, which consists of three Responsibilities members of equal status, is entrusted with the Bank’s management. Each mem- ber is head of one of the three Departments. The Governing Board enjoys a high degree of independence in fulfilling its monetary policy mandate. The Governing Board and the Federal Council must consult each other before passing major monetary and economic policy decisions. The Bank Council, Bank Committee and Auditing Committee are responsible for the supervision of the National Bank’s business activity. The National Bank has two head offices: the legal domicile in Berne and the seat of the Governing Board in Zurich. Department I and Department III are Bank offices in Zurich, Department II is in Berne. To ensure the distribution of currency and to follow economic developments in the regions the National Bank – until the end of 1998 – had eight branch offices in addition to the two head offices.
    [Show full text]
  • Quarterly Bulletin 4 / 2019 December 4 / 2019 Quarterly Bulletin December
    Quarterly Bulletin 4 / 2019 December 4 / 2019 Quarterly Bulletin December Quarterly Bulletin 4 / 2019 December Volume 37 Contents Page Monetary policy report 4 1 Monetary policy decision of 12 December 2019 5 Monetary policy strategy at the SNB 6 2 Global economic environment 7 3 Economic developments in Switzerland 13 4 Prices and inflation expectations 18 5 Monetary developments 21 Business cycle signals 28 Acknowledgements 34 Company talks by SNB delegates: Objectives and methods 38 Chronicle of monetary events 46 Quarterly Bulletin 4 / 2019 December 3 Monetary policy report Report for the attention of the Governing Board of the Swiss National Bank for its quarterly assessment of December 2019 The report describes economic and monetary developments in Switzerland and explains the inflation forecast. It shows how the SNB views the economic situation and the implications for monetary policy it draws from this assessment. The first section (‘Monetary policy decision of 12 December 2019’) is an excerpt from the press release published following the assessment. This report is based on the data and information available as at 12 December 2019. Unless otherwise stated, all rates of change from the previous period are based on seasonally adjusted data and are annualised. Quarterly Bulletin 4 / 2019 December 1 International trade tensions and political uncertainty have weighed on the global economy in recent months. Monetary policy decision Accordingly, economic growth around the world was again slightly below average in the third quarter. The of 12 December 2019 increase in manufacturing output was modest in many countries, this being accompanied by subdued capital spending and lacklustre global trade in goods.
    [Show full text]
  • Switzerland 2020
    Switzerland 2020 1 Table of Contents Doing Business in Switzerland __________________________________________ 4 Market Overview ______________________________________________________________ 4 Market Challenges ____________________________________________________________ 4 Market Opportunities __________________________________________________________ 4 Market Entry Strategy _________________________________________________________ 5 Leading Sectors for U.S. Exports and Investment __________________________ 6 Aerospace and Defense _______________________________________________________ 6 Automotive __________________________________________________________________ 8 Education __________________________________________________________________ 10 Energy _____________________________________________________________________ 11 Equipment and Machinery ____________________________________________________ 13 Healthcare __________________________________________________________________ 14 Travel and Tourism __________________________________________________________ 16 Customs, Regulations and Standards ___________________________________ 17 Trade Barriers _______________________________________________________________ 17 Import Tariffs _______________________________________________________________ 17 Import Requirements and Documentation _______________________________________ 18 Labeling and Marking Requirements ____________________________________________ 18 U.S. Export Controls _________________________________________________________ 19
    [Show full text]