Addressing a meeting of Swiss industrialists in Bern earlier this week, Vice-President of the Swiss National Bank, Bruno Gehrig warned that the Swiss economy could suffer if the US market fails to pull itself out of the scandal-induced funk in which it now finds itself.
The Swissinfo news service reported that Mr Gehrig warned industrialists that Europe could face a 'rude awakening' if the value of the dollar falls too quickly. He also observed that the fact that US consumers are cautious about spending, and investors have lost confidence in the wake of several large corporate governance scandals, could also impact adversely on Switzerland's economic growth prospects.
The strength and speed of the European recovery will also affect Switzerland's financial situation, according to the SNB Vice-President, with Germany - Switzerland's biggest trading partner - of the most importance.
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