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President of the Liechtenstein Financial Market Authority supervisory board Urs Roth-Cuony has urged both countries to work together to capitalize on their respective strengths with regard to financial services.
During a recent address to representatives of the Swiss government and finance industry, Roth-Cuony alluded to the strong ties between the Swiss and Liechtenstein financial centres, which lie in the economic union between the two countries.
Roth-Cuony pointed out that as regards European integration, both countries have gone their separate ways, with Liechtenstein entering the European Economic Area (EEA) and Switzerland opting for a route involving bilateral treaties, resulting in different pre-requisites in terms of financial market regulation and market access.
Underlining the need to emphasize these similarities and to use the differences, Roth-Cuony explained that the Liechtenstein financial centre, with its direct market access to European Union (EU) and EEA states, could be of benefit to Switzerland’s financial market actors. Liechtenstein would then benefit in return from a more privileged market access to Switzerland, from a stable currency and from a strong Swiss National Bank. It is better that trade remains in the joint economic union than relocating abroad, Roth-Cuony stressed.
Roth-Cuony explained that ensuring access to foreign financial markets is a key challenge for both states, noting that Liechtenstein is already achieving this via the consistent implementation of EU financial market regulation and the implementation of corresponding supervisory standards.
Concluding, Roth-Cuony underscored that it must remain a priority for Liechtenstein that the financial centre is able to maintain its vital economic importance in future.
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