Federal finances

In New York, a vast majority of UN Member States has voted in favour of a UN framework convention on tax. That is a major success for the Global South and, for the world community, an opportunity to create truly globally applicable rules for the first time in the history of international tax policy.

Even at the height of the climate crisis, gas mega-projects are being mounted in Mozambique by oil majors, including TotalEnergies, in which the Swiss National Bank holds a stake. These projects are fuelling conflicts while not benefiting the people.

In 2016, the OECD promised to reform the international tax system such that it would also serve the interests of the Global South. Seven years on, the OECD has clearly fallen short of its own ambitions. It may now be time for the UN to step in.

What does Pakistan have to do with a bank in Silicon Valley which invests short-term client funds in long-term paper, the value of which diminishes when interest rates rise?

In view of the polycrisis, the UN is calling for a "haircut", a debt cut of 30%. It is high time that Swiss commodity traders also accept this.

During the pandemic, the debt brake was declared a national shrine. In financial policy terms, it was deemed a condition sine qua non for Switzerland's successful handling of the crisis. But is that really so? A ride through austerity hell.

In signing the Paris Climate Agreement in 2015, the international community pledged, among other things, to orient financial flows towards a low-carbon economy. Switzerland is moving along that path – but in very small steps.

What the Federal Council and corporate lobbies are portraying as innocuous support for the shipping industry could prove the biggest tax loophole for Swiss commodities groups and circumvent the new OECD minimum tax.

In late May, public prosecutors in Frankfurt searched the offices of Deutsche Bank and its asset management subsidiary DWS. The reason was presumed greenwashing practices. Time to ensure greater clarity in also Switzerland.