Der Kampf um das Schweizer Bankgeheimnis

Since the interwar period, Switzerland has successfully defended its banking secrecy against all attacks from both within and outside the country. When the financial crisis broke out in 2008 and the international community made a new attempt to dry up tax havens, the Federal Council stated that the attackers would "bite their teeth" on banking secrecy. Five years later, the Federal Council and the banking association committed to automatic information exchange, thus completely relinquishing banking secrecy for foreign bank clients. How did this turnaround come about? Was it really necessary, or was it the result of missed opportunities and a collective overwhelm of Switzerland? Stefan Tobler reconstructs the events that led to the farewell to Swiss banking secrecy and places them in the 100-year history of international criticism.