Credit Suisse session: «distrust» and «distressing spectacle»

After two days of extraordinary session, Parliament has issued a symbolic rejection of the Federal Council's rescue plan for Crédit Suisse. This decision has no direct impact, but it does reveal certain issues, as pointed out by the press on Thursday.

The news is a slap in the face for the Federal Council: the Swiss media are in agreement on this point. The Neue Zürcher Zeitung believes that this rejection of funding is «more than just a “political rebuke,” more than just a protest vote»: «Politics works the same way as the banking sector—it thrives on trust. And Parliament’s »no’ is a vote of no confidence,” according to Karin Keller-Sutter. The Weltwoche considers that this is an even more bitter defeat for the Liberal-Radical minister, given that she had previously asserted that «the financial center’s reputation could be tarnished if Parliament were to reject the appropriations.»

The reason the executive branch’s proposal did not receive legislative approval is that the UDC, the Greens, and the PS overwhelmingly rejected it in the National Council—twice. In a federal election year, the two parties forming the governing majority are coming under particular scrutiny in editorials. La Liberté summarizes it well: «You can’t constantly have it both ways—reaping the electoral benefits of an opposition policy while accepting the cushy perks of holding a seat in government.» And the newspaper adds: «But what else did the three parties gain by derailing the bill? Nothing—just the absence of any promises, even purely rhetorical ones. What a disheartening spectacle!».

A Call for Concrete Action

But the main point is something else, according to Le Temps: «What matters is Switzerland’s future relationship with its financial center for the common good of the country.» The French-language daily called for «at least two approaches» to prepare for the future: «strengthening the supervisory body, FINMA,» and «stricter regulation of executive bonuses.».

More generally, commentators hope that Parliament will dare to take concrete action. The newspaper 24 heures It thus deplores the postponement until early summer of the Council of States‘ decision on whether or not to launch a parliamentary commission of inquiry. «Let’s be clear,» the statement reads: «While the government has the right to invoke emergency powers, Parliament has a duty to ensure that everything was done in accordance with the rules.»

Write to the author: max.frei@leregardlibre.com

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