The European Union (EU) and Switzerland have a long-standing relationship founded on shared values and goals of peace and economic prosperity. The economic interdependence between the EU and Switzerland is strong, with Switzerland being the EU's third most important trading partner for services, while the EU is the most important trading partner for Switzerland.
Despite numerous bilateral agreements which cover various aspects of the EU's Single Market and the free movement of persons, Switzerland's access to the EU's financial markets is restricted and governed by EU and Member States' regulations through third country regimes.
The increasing politicisation of market access has led to a lack of rule-bound market access regime. As a result here is a growing need for a predictable, transparent, and well-regulated market access perspective to ensure the EU's continued attractiveness to international investments and the further development of the Capital Markets Union. To achieve this, a move away from third country regimes towards a more tailored market access approach would merit further reflection. Such an approach could balance the legitimate needs and expectations of both the host and home supervisory authorities while also enhancing competition and customer choice and ensuring the continued growth and stability of the EU's financial markets.
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