112-423: Blue Entertainment AG (formerly known as CT Cinetrade AG ) is a Swiss media company owned by telecommunication provider Swisscom . The company specialised in film and sport programming rights for television. Blue Entertainment's businesses include Blue+ (formerly known as Teleclub ), which provides a group of premium-tier television channels; Blue Cinema [ de ] (formerly known as Kitag Cinemas),
224-561: A Willensnation ("nation of volition") rather than a nation state . The English name Switzerland is a portmanteau of Switzer , an obsolete term for a Swiss person which was in use during the 16th to 19th centuries, and land . The English adjective Swiss is a loanword from French Suisse , also in use since the 16th century. The name Switzer is from the Alemannic Schwiizer , in origin an inhabitant of Schwyz and its associated territory , one of
336-681: A lower house (the National Council , with representatives elected from across the country). Referendums were made mandatory for any amendments. This new constitution ended the legal power of nobility in Switzerland . A single system of weights and measures was introduced, and in 1850 the Swiss franc became the Swiss single currency , complemented by the WIR franc in 1934. Article 11 of
448-485: A chain of film theatres; and Plazavista Entertainment [ de ] , a home entertainment distributor. Stephan Sager founded CT Cinetrade AG in 1989. In 2005, Swisscom acquired a minority share in CT Cinetrade. In May 2013, Swisscom increased its share in CT Cinetrade from 49% to 75%. In November 2017, Swisscom acquired the remaining share of 25% in CT Cinetrade from its founder Stephan Sager. In 2016,
560-517: A change of policy following threats from Germany. Over 100 Allied bombers and their crews were interned. Between 1940 and 1945, Switzerland was bombed by the Allies , causing fatalities and property damage. Among the cities and towns bombed were Basel , Brusio , Chiasso , Cornol , Geneva, Koblenz , Niederweningen , Rafz , Renens , Samedan , Schaffhausen , Stein am Rhein , Tägerwilen , Thayngen , Vals , and Zurich. Allied forces maintained that
672-509: A country was to run a deficit, they would have to justify it to the rest of the EU while countries with a debt more than 60% of GDP would face greater scrutiny. The plans would apply to all EU members, not just the eurozone, and have to be approved by EU leaders along with proposals for states to face sanctions before they reach the 3% limit in the Stability and Growth Pact . Poland has criticised
784-689: A day before a meeting of the Economic and Financial Affairs Council (Ecofin) of the Council of the European Union . The Group is not an official Council formation but when the full EcoFin council votes on matters only affecting the eurozone, only Euro Group members are permitted to vote on it. Since the global financial crisis of 2007–2008 , the Euro Group has met irregularly not as finance ministers, but as heads of state and government (like
896-547: A fiscal union in the eurozone can mitigate devastating effects of the single currency on the eurozone peripheral countries. But he adds that the currency bloc will not work perfectly even if a fiscal transfer system is built, because, he argues, the fundamental issue about competitiveness adjustment is not tackled. The problem is, since the eurozone peripheral countries do not have their own currencies, they are forced to adjust their economies by decreasing their wages instead of devaluation. The financial crisis of 2007–2008 prompted
1008-519: A minimum of two years without the presence of "severe tensions" for the currency exchange rate. In September 2011, a diplomatic source close to the euro adoption preparation talks with the seven remaining new member states who had yet to adopt the euro at that time (Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, and Romania), claimed that the monetary union (eurozone) they had thought they were going to join upon their signing of
1120-594: A new stricter version of the Stability and Growth Pact , signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic, the United Kingdom, and Croatia (subsequently acceding the EU in July 2013). The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date. As of 1 April 2014, it had been ratified and entered into force for all 25 signatories. Olivier Blanchard suggests that
1232-584: A number of reforms in the eurozone. One was a U-turn on the eurozone's bailout policy that led to the creation of a specific fund to assist eurozone states in trouble. The European Financial Stability Facility (EFSF) and the European Financial Stability Mechanism (EFSM) were created in 2010 to provide, alongside the International Monetary Fund (IMF), a system and fund to bail out members. However,
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#17327916697841344-690: A remarkable size, while hundreds of agricultural estates ( Villae rusticae ) were established in the countryside. Around 260 AD, the fall of the Agri Decumates territory north of the Rhine transformed today's Switzerland into a frontier land of the Empire. Repeated raids by the Alamanni tribes provoked the ruin of the Roman towns and economy, forcing the population to shelter near Roman fortresses, like
1456-455: A result of the financial crisis of 2007–2008 . In Iceland, there was an increase in interest in joining the European Union, a pre-condition for adopting the euro. However, by 2010 the debt crisis in the eurozone caused interest from Poland, as well as the Czech Republic, Denmark and Sweden to cool. In the opinion of journalist Leigh Phillips and Locke Lord 's Charles Proctor, there is no provision in any European Union treaty for an exit from
1568-402: A short transition period, they took out of circulation and rendered invalid their pre-euro national coins and notes. Between 2007 and 2023, eight new states have acceded: Croatia, Cyprus, Estonia, Latvia, Lithuania, Malta, Slovakia, and Slovenia. Three French dependent territories that are not part of the EU have adopted the euro, with France ensuring eurozone laws are implemented: The euro
1680-536: A sign of support. In September 2020, a referendum calling for a vote to end the pact that allowed a free movement of people from the European Union was introduced by the Swiss People's Party (SVP). However, voters rejected the attempt to retake control of immigration, defeating the motion by a roughly 63%–37% margin. On 9 February 2014, 50.3% of Swiss voters approved a ballot initiative launched by
1792-405: A significant impact on the psychology and society of Switzerland. The war convinced most Swiss of the need for unity and strength. Swiss from all strata of society, whether Catholic or Protestant, from the liberal or conservative current, realised that the cantons would profit more from merging their economic and religious interests. Thus, while the rest of Europe saw revolutionary uprisings ,
1904-556: A whole rather than being modified one amendment at a time. This need soon proved itself when the rise in population and the Industrial Revolution that followed led to calls to modify the constitution accordingly. The population rejected an early draft in 1872, but modifications led to its acceptance in 1874. It introduced the facultative referendum for laws at the federal level. It also established federal responsibility for defence, trade, and legal matters. In 1891,
2016-479: Is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins. Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group. Akrotiri and Dhekelia (located on the island of Cyprus) belong to the United Kingdom, but there are agreements between
2128-482: Is common representation, a common political agenda should be agreed upon. Leading EU figures including the commission and national governments have proposed a variety of reforms to the eurozone's architecture; notably the creation of a Finance Minister, a larger eurozone budget, and reform of the current bailout mechanisms into either a "European Monetary Fund" or a eurozone Treasury . While many have similar themes, details vary greatly. The 20 largest economies in
2240-468: Is considered the confederacy's founding document, even though similar alliances likely existed decades earlier. The document was agreed among the rural communes of Uri , Schwyz , and Unterwalden . By 1353, the three original cantons had joined with the cantons of Glarus and Zug and the Lucerne , Zurich and Bern city-states to form the "Old Confederacy" of eight states that obtained through
2352-459: Is entitled to authorise the design and printing of euro banknotes and the volume of euro coins minted, and its president is currently Christine Lagarde . The eurozone is represented politically by its finance ministers, known collectively as the Eurogroup , and is presided over by a president, currently Paschal Donohoe . The finance ministers of the EU member states that use the euro meet
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#17327916697842464-496: Is legally exempt from joining the eurozone unless its government decides otherwise, either by parliamentary vote or referendum . The United Kingdom likewise had an opt-out prior to withdrawing from the EU in 2020. The remaining six countries are obliged to adopt the euro in future, although the EU has so far not tried to enforce any time plan. They should join as soon as they fulfill the convergence criteria, which include being part of ERM II for two years. Sweden , which joined
2576-409: Is one of the world's most developed countries having the highest nominal wealth per adult , and the eighth-highest gross domestic product (GDP) per capita . Switzerland performs highly on several international metrics , including economic competitiveness and democratic governance . Cities such as Zurich, Geneva and Basel rank among the highest in terms of quality of life, albeit with some of
2688-508: Is the monetary authority of the eurozone, the Eurogroup is an informal body of finance ministers that makes fiscal policy for the currency union, and the European System of Central Banks is responsible for fiscal and monetary cooperation between eurozone and non-eurozone EU members. The European Central Bank (ECB) makes monetary policy for the eurozone, sets its base interest rate , and issues euro banknotes and coins. Since
2800-659: Is the highest, although the Matterhorn (4,478 m or 14,692 ft) is the best known. Both are located within the Pennine Alps in the canton of Valais , on the border with Italy. The section of the Bernese Alps above the deep glacial Lauterbrunnen valley, containing 72 waterfalls, is well known for the Jungfrau (4,158 m or 13,642 ft) Eiger and Mönch peaks, and its many picturesque valleys. In
2912-555: Is to not exceed 60%. The primary means for fiscal coordination within the EU lies in the Broad Economic Policy Guidelines which are written for every member state, but with particular reference to the 20 current members of the eurozone. These guidelines are not binding, but are intended to represent policy coordination among the EU member states, so as to take into account the linked structures of their economies. For their mutual assurance and stability of
3024-701: The Waldstätte cantons which formed the nucleus of the Old Swiss Confederacy . The Swiss began to adopt the name for themselves after the Swabian War of 1499, used alongside the term for "Confederates", Eidgenossen (literally: comrades by oath ), used since the 14th century. The data code for Switzerland , CH, is derived from Latin Confoederatio Helvetica ( Helvetic Confederation ). The toponym Schwyz itself
3136-542: The Axis and Allied powers. Switzerland's trade was blockaded by both the Allies and the Axis. Economic cooperation and extension of credit to Nazi Germany varied according to the perceived likelihood of invasion and the availability of other trading partners. Concessions reached a peak after a crucial rail link through Vichy France was severed in 1942, leaving Switzerland (together with Liechtenstein ) entirely isolated from
3248-628: The Castrum Rauracense near Augusta Raurica. The Empire built another line of defence at the north border (the so-called Donau-Iller-Rhine-Limes). At the end of the fourth century, the increased Germanic pressure forced the Romans to abandon the linear defence concept. The Swiss Plateau was finally open to Germanic tribes . In the Early Middle Ages , from the end of the fourth century, the western extent of modern-day Switzerland
3360-731: The Competition Commission of Switzerland fined Swisscom and what was known as Cinetrade back then an amount of 71.8 million Swiss francs "for allegedly abusing its dominant position in the provision of national football and ice-hockey coverage between 2002 and 2012". In June 2022, the Federal Administrative Court confirmed the fine. Swisscom argued that it was expanding sport offerings beyond what were offered by rivals. Switzerland in Europe (green and dark grey) Switzerland , officially
3472-558: The Congress of Vienna fully re-established Swiss independence, and the European powers recognised permanent Swiss neutrality. Swiss troops served foreign governments until 1860 when they fought in the siege of Gaeta . The treaty allowed Switzerland to increase its territory, with the admission of the cantons of Valais , Neuchâtel and Geneva . Switzerland's borders saw only minor adjustments thereafter. The restoration of power to
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3584-693: The Czech Republic , Denmark , Hungary , Poland , Romania , and Sweden ) are EU members but do not use the euro. Before joining the eurozone, a state must spend at least two years in the European Exchange Rate Mechanism (ERM II). As of January 2023, the central bank of Denmark and the Bulgarian central bank participate in ERM II. Denmark obtained a special opt-out in the original Maastricht Treaty , and thus
3696-879: The European Monetary System with its Exchange Rate Mechanism and the related new common currency ECU . On 1 January 1999, the euro replaced the ECU ;1:1 at the exchange rate markets. During 1979–1999, the Deutsche Mark functioned as a de facto anchor for the ECU, meaning there was only a minor difference between pegging a currency against the ECU and pegging it against the Deutsche Mark. Sources: EC convergence reports 1996-2014 , Italian lira , Spanish peseta , Portuguese escudo , Finnish markka , Greek drachma , Sterling The eurozone
3808-677: The First War of Villmergen , in 1656, and the Toggenburg War (or Second War of Villmergen), in 1712. In 1798, the revolutionary French government invaded Switzerland and imposed a new unified constitution. This centralised the government of the country, effectively abolishing the cantons: moreover, Mülhausen left Switzerland and the Valtellina valley became part of the Cisalpine Republic . The new regime, known as
3920-639: The Hallstatt and La Tène cultures , named after the archaeological site of La Tène on the north side of Lake Neuchâtel . La Tène culture developed and flourished during the late Iron Age from around 450 BC, possibly influenced by Greek and Etruscan civilisations. One of the most prominent La Tène tribes were the Helvetii , who primarily occupied the Swiss Plateau , alongside the Rhaetians in
4032-615: The Holy Roman Empire around 1000 AD. In the 10th century, as the rule of the Carolingians waned, Magyars destroyed Basel in 917 and St. Gallen in 926. In response, Henry the Fowler , the then ruler of East Francia, decreed the fortification of key settlements to defend against these invasions. Large villages and towns, including strategic locations like Zurich and St.Gallen, were fortified. This initiative led to
4144-518: The IMF as a bloc, rather than each member state separately: "It is absurd for those 15 countries not to agree to have a single representation at the IMF. It makes us look absolutely ridiculous. We are regarded as buffoons on the international scene". In 2017 Juncker stated that he aims to have this agreed by the end of his mandate in 2019. However, Finance Commissioner Joaquín Almunia stated that before there
4256-593: The League of Nations , which was based in Geneva , after it was exempted from military requirements. During World War II , detailed invasion plans were drawn up by the Germans, but Switzerland was never attacked. Switzerland was able to remain independent through a combination of military deterrence, concessions to Germany, and good fortune, as larger events during the war intervened. General Henri Guisan , appointed
4368-576: The Swiss Alps to the south, the Swiss Plateau or Central Plateau, and the Jura mountains on the west. The Alps are a mountain range running across the central and south of the country, constituting about 60% of the country's area. The majority of the population live on the Swiss Plateau. The Swiss Alps host many glaciers, covering 1,063 square kilometres (410 sq mi). From these originate
4480-610: The Swiss Confederation , is a landlocked country located in west-central Europe . It is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland is geographically divided among the Swiss Plateau , the Alps and the Jura ; the Alps occupy the greater part of the territory, whereas most of the country's population of 9 million are concentrated on
4592-613: The Swiss economy . During the Cold War , Swiss authorities considered the construction of a Swiss nuclear bomb . Leading nuclear physicists at the Federal Institute of Technology Zurich such as Paul Scherrer made this a realistic possibility. In 1988, the Paul Scherrer Institute was founded in his name to explore the therapeutic uses of neutron scattering technologies. Financial problems with
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4704-998: The WTO , the WHO , the ILO , FIFA , the WEF , and the UN. It is a founding member of the European Free Trade Association (EFTA), but not part of the European Union (EU), the European Economic Area , or the eurozone ; however, it participates in the European single market and the Schengen Area . Switzerland is a federal republic composed of 26 cantons , with federal authorities based in Bern . Switzerland
4816-457: The commander-in-chief for the duration of the war ordered a general mobilisation of the armed forces. The Swiss military strategy changed from static defence at the borders to organised long-term attrition and withdrawal to strong, well-stockpiled positions high in the Alps, known as the Reduit . Switzerland was an important base for espionage by both sides and often mediated communications between
4928-487: The euro convergence criteria . Among non-EU member states, Andorra , Monaco , San Marino , and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. In addition, Kosovo and Montenegro have adopted the euro unilaterally, relying on euros already in circulation rather than minting currencies of their own. These six countries, however, have no representation in any eurozone institution. The Eurosystem
5040-517: The eurozone ( EZ ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro ( € ) as their primary currency and sole legal tender , and have thus fully implemented EMU policies. The 20 eurozone members are: The seven non-eurozone members of the EU are Bulgaria , the Czech Republic , Denmark , Hungary , Poland , Romania , and Sweden . They continue to use their own national currencies, although all but Denmark are obliged to join once they meet
5152-546: The financial crisis of 2007–2008 , the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms. The eurozone has also enacted some limited fiscal integration ; for example, in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. No eurozone member state has left, and there are no provisions to do so or to be expelled. In 1998, eleven member states of
5264-398: The main refinancing operations were variable rate tenders, as opposed to fixed rate tenders. The figures indicated in the table from 2000 to 2008 refer to the minimum interest rate at which counterparties may place their bids. [REDACTED] The following table states the ratio of public debt to GDP in percent for eurozone countries given by EuroStat. The euro convergence criterion
5376-615: The Bold of Burgundy during the 1470s, and the success of the Swiss mercenaries . The Swiss victory in the Swabian War against the Swabian League of Emperor Maximilian I in 1499 amounted to de facto independence within the Holy Roman Empire . In 1501, Basel and Schaffhausen joined the Old Swiss Confederacy. The Confederacy acquired a reputation of invincibility during these earlier wars, but expansion of
5488-586: The Council of Ministers had not voted to fine those states. Subsequently, reforms were adopted to provide more flexibility and ensure that the deficit criteria took into account the economic conditions of the member states, and additional factors. The Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union), is an intergovernmental treaty introduced as
5600-511: The Dutch government, favour the creation of an expulsion provision for the case whereby a heavily indebted state in the eurozone refuses to comply with an EU economic reform policy. In a Texas law journal, University of Texas at Austin law professor Jens Dammann has argued that even now EU law contains an implicit right for member states to leave the eurozone if they no longer meet the criteria that they had to meet in order to join it. Furthermore, he has suggested that, under narrow circumstances,
5712-413: The EFSF and EFSM were temporary, small and lacked a basis in the EU treaties. Therefore, it was agreed in 2011 to establish a European Stability Mechanism (ESM) which would be much larger, funded only by eurozone states (not the EU as a whole as the EFSF/EFSM were) and would have a permanent treaty basis . As a result of that its creation involved agreeing an amendment to TEFU Article 136 allowing for
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#17327916697845824-402: The ESM and a new ESM treaty to detail how the ESM would operate. If both are successfully ratified according to schedule, the ESM would be operational by the time the EFSF/EFSM expire in mid-2013. In February 2016, the UK secured further confirmation that countries that do not use the Euro would not be required to contribute to bailouts for eurozone countries. In June 2010, a broad agreement
5936-436: The EU in 1995 after the Maastricht Treaty was signed, is required to join the eurozone. However, the Swedish people turned down euro adoption in a 2003 referendum and since then the country has intentionally avoided fulfilling the adoption requirements by not joining ERM II, which is voluntary. Bulgaria joined ERM II on 10 July 2020. Interest in joining the eurozone increased in Denmark, and initially in Poland, as
6048-433: The EU in 2013 , adopted the euro in 2023. All new EU members joining the bloc after the signing of the Maastricht Treaty in 1992 are obliged to adopt the euro under the terms of their accession treaties. However, the last of the five economic convergence criteria which need first to be complied with in order to qualify for euro adoption, is the exchange rate stability criterion, which requires having been an ERM-member for
6160-560: The EU was attained that eliminated quotas on EU citizens, but still allowed favourable treatment of Swiss-based job applicants. On 27 September 2020, 62% of Swiss voters rejected the anti-free movement referendum by SVP. Extending across the north and south side of the Alps in west -central Europe, Switzerland encompasses diverse landscapes and climates across its 41,285 square kilometres (15,940 sq mi). Switzerland lies between latitudes 45° and 48° N , and longitudes 5° and 11° E . It contains three basic topographical areas:
6272-426: The European Council). It is in this forum, the Euro summit , that many eurozone reforms have been decided upon. In 2011, former French President Nicolas Sarkozy pushed for these summits to become regular and twice a year in order for it to be a 'true economic government'. In April 2008 in Brussels , future European Commission President Jean-Claude Juncker suggested that the eurozone should be represented at
6384-486: The European Union had met the euro convergence criteria , and the eurozone came into existence with the official launch of the euro (alongside national currencies) on 1 January 1999 in those countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Greece qualified in 2000 and was admitted on 1 January 2001. These twelve founding members introduced physical euro banknotes and euro coins on 1 January 2002. After
6496-500: The European Union , the Council of the European Union addressed the monetary agreements France had with the CFA Zone and Comoros, and ruled that the ECB had no obligation towards the convertibility of the CFA and Comorian francs . The responsibility of the free convertibility remained in the French Treasury . Kosovo and Montenegro unilaterally adopted the euro as their sole currency without an agreement and, therefore, have no issuing rights. These states are not considered part of
6608-561: The European Union can expel member states from the eurozone. The monetary policy of all countries in the eurozone is managed by the European Central Bank (ECB) and the Eurosystem which comprises the ECB and the central banks of the EU states who have joined the eurozone. Countries outside the eurozone are not represented in these institutions. Whereas all EU member states are part of the European System of Central Banks (ESCB), non EU member states have no say in all three institutions, even those with monetary agreements such as Monaco. The ECB
6720-416: The French in the name of the Helvetic Republic. In 1803 Napoleon organised a meeting of the leading Swiss politicians from both sides in Paris. The Act of Mediation was the result, which largely restored Swiss autonomy and introduced a Confederation of 19 cantons. Henceforth, much of Swiss politics would concern balancing the cantons' tradition of self-rule with the need for a central government. In 1815
6832-519: The Helvetic Republic, was highly unpopular. An invading foreign army had imposed and destroyed centuries of tradition, making Switzerland nothing more than a French satellite state . The fierce French suppression of the Nidwalden Revolt in September 1798 was an example of the oppressive presence of the French Army and the local population's resistance to the occupation. When war broke out between France and its rivals, Russian and Austrian forces invaded Switzerland. The Swiss refused to fight alongside
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#17327916697846944-472: The Helvetii were forced by Caesar to return to their original lands, where they were subjected to stringent restrictions on their autonomy and movements. In 15 BC, Tiberius (later the second Roman emperor) and his brother Drusus conquered the Alps, integrating them into the Roman Empire . The area occupied by the Helvetii first became part of Rome's Gallia Belgica province and then of its Germania Superior province. The eastern portion of modern Switzerland
7056-403: The Holy Roman Empire and its neutrality . During the Early Modern period of Swiss history, the growing authoritarianism of the patriciate families combined with a financial crisis in the wake of the Thirty Years' War led to the Swiss peasant war of 1653 . In the background to this struggle, the conflict between Catholic and Protestant cantons persisted, erupting in further violence at
7168-440: The Swiss Alps. 90% of Switzerland's 65,000-kilometre-long network of rivers and streams have been straightened, dammed, canalized or channeled underground, in an effort to prevent natural disasters such as flooding, landslides, and avalanches. 80% of all Swiss drinking water comes from groundwater sources. Forty-eight mountains are 4,000 metres (13,000 ft) or higher in height. At 4,634 m (15,203 ft), Monte Rosa
7280-407: The Swiss People's Party (SVP/UDC) to restrict immigration . This initiative was mostly backed by rural (57.6% approval) and suburban groups (51.2% approval), and isolated towns (51.3% approval) as well as by a strong majority (69.2% approval) in Ticino, while metropolitan centres (58.5% rejection) and the French-speaking part (58.5% rejection) rejected it. In December 2016, a political compromise with
7392-442: The Swiss drew up a constitution that provided for a federal layout , much of it inspired by the American example . This constitution provided central authority while leaving the cantons the right to self-government on local issues. Giving credit to those who favoured the power of the cantons (the Sonderbund Kantone), the national assembly was divided between an upper house (the Council of States , two representatives per canton) and
7504-400: The US since 1982. Concerning fiscal policies, 12% of the US federal budget is used for transfers to states and local governments. The US government does not impose restrictions on state budget policies, whereas the Treaty of Maastricht requires each eurozone member country to keep its budget deficit below 3% of its GDP. In 2008, a study by Alberto Alesina and Vincenzo Galasso found that
7616-437: The United Kingdom and Cyprus and between United Kingdom and EU about their partial integration with Cyprus and partial adoption of Cypriot law, including the usage of euro in Akrotiri and Dhekelia. Several currencies are pegged to the euro, some of them with a fluctuation band and others with an exact rate. The Bosnia and Herzegovina convertible mark was once pegged to the Deutsche mark at par, and continues to be pegged to
7728-419: The accession treaty may very well end up being a very different union, entailing a much closer fiscal, economic, and political convergence than originally anticipated. This changed legal status of the eurozone could potentially cause them to conclude that the conditions for their promise to join were no longer valid, which "could force them to stage new referendums" on euro adoption. Seven countries ( Bulgaria ,
7840-485: The adoption of euro promoted market deregulation and market liberalization . Furthermore, the euro was also linked to wage moderation, as wage growth slowed down in countries that adopted the new currency. Oliver Hart , who received the Nobel Memorial Prize in Economic Sciences in 2016, criticized the euro, calling it a "mistake" and emphasising his opposition to monetary union since its inception. He also expressed opposition to European integration , arguing that
7952-423: The adoption of the Swiss Federal Constitution in 1848. Switzerland's precursors established a defensive alliance in 1291, forming a loose confederation that persisted for centuries. The oldest traces of hominid existence in Switzerland date to about 150,000 years ago. The oldest known farming settlements in Switzerland, which were found at Gächlingen , date to around 5300 BC. The earliest known tribes formed
8064-493: The bombings, which violated the 96th Article of War , resulted from navigation errors, equipment failure, weather conditions, and pilot errors. The Swiss expressed fear and concern that the bombings were intended to put pressure on Switzerland to end economic cooperation and neutrality with Nazi Germany. Court-martial proceedings took place in England. The US paid SFR 62M for reparations. Switzerland's attitude towards refugees
8176-491: The citizens, the membership application was withdrawn. Nonetheless, Swiss law is gradually changing to conform with that of the EU, and the government signed bilateral agreements with the European Union. Switzerland, together with Liechtenstein, has been surrounded by the EU since Austria's entry in 1995. On 5 June 2005, Swiss voters agreed by a 55% majority to join the Schengen treaty , a result that EU commentators regarded as
8288-576: The confederation suffered a setback in 1515 with the Swiss defeat in the Battle of Marignano . This ended the so-called "heroic" epoch of Swiss history. The success of Zwingli 's Reformation in some cantons led to inter-cantonal religious conflicts in 1529 and 1531 ( Wars of Kappel ). It was not until more than one hundred years after these internal wars that, in 1648, under the Peace of Westphalia , European countries recognised Switzerland's independence from
8400-526: The constitution forbade sending troops to serve abroad, marking the end of foreign service. It came with the expectation of serving the Holy See , and the Swiss were still obliged to serve Francis II of the Two Sicilies with Swiss Guards present at the siege of Gaeta in 1860 . An important clause of the constitution was that it could be entirely rewritten, if necessary, thus enabling it to evolve as
8512-561: The constitution was revised with uncommonly strong elements of direct democracy , which remain unique today. Switzerland was not invaded during either of the world wars. During World War I , Switzerland was home to the revolutionary and founder of the Soviet Union Vladimir Illych Ulyanov ( Vladimir Lenin ) who remained there until 1917. Swiss neutrality was seriously questioned by the short-lived Grimm–Hoffmann affair in 1917. In 1920, Switzerland joined
8624-509: The country top-level domain ".ch", are both taken from the state's Latin name). Helvetica is derived from the Helvetii , a Gaulish tribe living on the Swiss Plateau before the Roman era . Helvetia appeared as a national personification of the Swiss confederacy in the 17th century in a 1672 play by Johann Caspar Weissenbach. The state of Switzerland took its present form with
8736-465: The country, Schwiiz , is homophonous to that of the canton and the settlement, but distinguished by the use of the definite article ( d'Schwiiz for the Confederation, but simply Schwyz for the canton and the town). The long [iː] of Swiss German is historically and still often today spelled ⟨y⟩ rather than ⟨ii⟩ , preserving the original identity of
8848-412: The currency, members of the eurozone have to respect the Stability and Growth Pact , which sets agreed limits on deficits and national debt , with associated sanctions for deviation. The Pact originally set a limit of 3% of GDP for the yearly deficit of all eurozone member states; with fines for any state which exceeded this amount. In 2005, Portugal, Germany, and France had all exceeded this amount, but
8960-556: The defence budget and ethical considerations prevented the substantial funds from being allocated, and the Nuclear Non-Proliferation Treaty of 1968 was seen as a valid alternative. Plans for building nuclear weapons were dropped by 1988. Switzerland joined the Council of Europe in 1963. Switzerland was the last Western republic (the Principality of Liechtenstein followed in 1984) to grant women
9072-640: The deficit or the debt rules. In 1997, Arnulf Baring expressed concern that the European Monetary Union would make Germans the most hated people in Europe. Baring suspected the possibility that the people in Mediterranean countries would regard Germans and the currency bloc as economic policemen. In 2001, James Tobin thought that the euro project would not succeed without making drastic changes to European institutions, pointing out
9184-541: The development of what were essentially early urban strongholds and city governments in Eastern Switzerland. By 1200, the Swiss Plateau comprised the dominions of the houses of Savoy , Zähringer , Habsburg , and Kyburg . Some regions ( Uri , Schwyz , Unterwalden , later known as Waldstätten ) were accorded the Imperial immediacy to grant the empire direct control over the mountain passes. With
9296-554: The difference between the US and the eurozone. Concerning monetary policies, the system of Federal Reserve banks in the US aims at both growth and reducing unemployment, while the ECB tends to give its first priority to price stability under the Bundesbank 's supervision. As the price level of the currency bloc is kept low, the unemployment level of the region has become higher than that of
9408-479: The eastern regions. Facing pressures from Germanic tribes, in 58 BC, the Helvetii, influenced by Orgetorix , a wealthy aristocrat, decided to abandon the Swiss Plateau for better opportunities in western Gallia. After Orgetorix's mysterious death, the tribe continued their migration but was decisively defeated by Julius Caesar's armies at the Battle of Bibracte , in present-day eastern France. Following their defeat,
9520-632: The end of the 15th century. The expansion led to increased power and wealth for the confederation. By 1460, the confederates controlled most of the territory south and west of the Rhine to the Alps and the Jura mountains , and the University of Basel was founded (with a faculty of medicine) establishing a tradition of chemical and medical research. This increased after victories against the Habsburgs ( Battle of Sempach , Battle of Näfels ), over Charles
9632-522: The euro today at the Deutsche mark's old rate (1.95583 per euro). The Bulgarian lev was initially pegged to the Deutsche Mark at a rate of BGL 1000 to DEM 1 in 1997, and has been pegged at a rate of BGN 1.95583 to EUR 1 since the introduction of the euro and the redenomination of the lev in 1999. The West African and Central African CFA francs are pegged exactly at 655.957 CFA to 1 EUR. In 1998, in anticipation of Economic and Monetary Union of
9744-413: The eurozone by the ECB. However, sometimes the term eurozone is applied to all territories that have adopted the euro as their sole currency. Further unilateral adoption of the euro ( euroisation ), by both non-euro EU and non-EU members, is opposed by the ECB and EU. The chart below provides a full summary of all applying exchange-rate regimes for EU members , since the birth, on 13 March 1979, of
9856-595: The eurozone should be included in the relevant treaties. On the issue of leaving the eurozone, the European Commission has stated that "[t]he irrevocability of membership in the euro area is an integral part of the Treaty framework and the Commission, as a guardian of the EU Treaties, intends to fully respect [that irrevocability]." It added that it "does not intend to propose [any] amendment" to
9968-503: The eurozone. In fact, they argued, the Treaties make it clear that the process of monetary union was intended to be "irreversible" and "irrevocable". However, in 2009, a European Central Bank legal study argued that, while voluntary withdrawal is legally not possible, expulsion remains "conceivable". Although an explicit provision for an exit option does not exist, many experts and politicians in Europe have suggested an option to leave
10080-640: The extinction of its male line in 1263, the Kyburg dynasty fell in AD 1264. The Habsburgs under King Rudolph I (Holy Roman Emperor in 1273) laid claim to the Kyburg lands and annexed them, extending their territory to the eastern Swiss Plateau. The Old Swiss Confederacy was an alliance among the valley communities of the central Alps. The Confederacy was governed by nobles and patricians of various cantons who facilitated management of common interests and ensured peace on mountain trade routes. The Federal Charter of 1291
10192-661: The headwaters of several major rivers, such as the Rhine , Inn , Ticino and Rhône , which flow in the four cardinal directions, spreading across Europe. The hydrographic network includes several of the largest bodies of fresh water in Central and Western Europe, among which are Lake Geneva (Lac Léman in French), Lake Constance (Bodensee in German) and Lake Maggiore . Switzerland has more than 1500 lakes and contains 6% of Europe's freshwater stock. Lakes and glaciers cover about 6% of
10304-607: The highest costs of living . Switzerland holds an international reputation for its established banking sector, alongside its distinctive recognition for their watchmaking and chocolate production. It has four main linguistic and cultural regions: German, French, Italian and Romansh . Although most Swiss are German-speaking, national identity is fairly cohesive, being rooted in a common historical background, shared values such as federalism and direct democracy , and Alpine symbolism. Swiss identity transcends language, ethnicity, and religion, leading to Switzerland being described as
10416-444: The idea of withholding regional funding for those who break the deficit limits, as that would only impact the poorer states. In June 2010 France agreed to back Germany's plan for suspending the voting rights of members who breach the rules. In March 2011 was initiated a new reform of the Stability and Growth Pact aiming at straightening the rules by adopting an automatic procedure for imposing of penalties in case of breaches of either
10528-612: The last widely recognised state without full UN membership. Switzerland is a founding member of the EFTA but not the European Economic Area (EEA). An application for membership in the European Union was sent in May 1992, but did not advance since rejecting the EEA in December 1992 when Switzerland conducted a referendum on the EEA. Several referendums on the EU issue ensued; due to opposition from
10640-762: The national territory. Lake Geneva is the largest lake and is shared with France. The Rhône is both the main source and outflow of Lake Geneva. Lake Constance is the second largest and, like Lake Geneva, an intermediate step by the Rhine at the border with Austria and Germany. While the Rhône flows into the Mediterranean Sea at the French Camargue region and the Rhine flows into the North Sea at Rotterdam , about 1,000 kilometres (620 miles) apart, both springs are only about 22 kilometres (14 miles) apart in
10752-582: The patriciate was only temporary. After a period of unrest with repeated violent clashes, such as the Züriputsch of 1839, civil war (the Sonderbundskrieg ) broke out in 1847 when some Catholic cantons tried to set up a separate alliance (the Sonderbund ). The war lasted less than a month, causing fewer than 100 casualties, most of which were through friendly fire . The Sonderbundskrieg had
10864-539: The plateau, which hosts its largest cities and economic centres, including Zurich , Geneva , and Basel . Switzerland originates from the Old Swiss Confederacy established in the Late Middle Ages , following a series of military successes against Austria and Burgundy ; the Federal Charter of 1291 is considered the country's founding document. Swiss independence from the Holy Roman Empire
10976-502: The relevant Treaties, the current status being "the best way going forward to increase the resilience of euro area Member States to potential economic and financial crises. The European Central Bank , responding to a question by a Member of the European Parliament , has stated that an exit is not allowed under the Treaties. Likewise there is no provision for a state to be expelled from the euro. Some, however, including
11088-414: The right to vote . Some Swiss cantons approved this in 1959, while at the federal level, it was achieved in 1971 and, after resistance, in the last canton Appenzell Innerrhoden (one of only two remaining Landsgemeinde , along with Glarus ) in 1990. After obtaining suffrage at the federal level, women quickly rose in political significance. The first woman on the seven-member Federal Council executive
11200-778: The sixth century, following Clovis I 's victory over the Alemanni at Tolbiac in 504 AD, and later Frankish domination of the Burgundians. Throughout the rest of the sixth, seventh and eighth centuries, Swiss regions continued under Frankish hegemony ( Merovingian and Carolingian dynasties) but after its extension under Charlemagne , the Frankish Empire was divided by the Treaty of Verdun in 843. The territories of present-day Switzerland became divided into Middle Francia and East Francia until they were reunified under
11312-685: The southeast the long Engadin Valley, encompassing St. Moritz , is also well known; the highest peak in the neighbouring Bernina Alps is Piz Bernina (4,049 m or 13,284 ft). The Swiss Plateau has greater open and hilly landscapes, partly forested, partly open pastures, usually with grazing herds or vegetable and fruit fields, but it is still hilly. Large lakes and the biggest Swiss cities are found there. Switzerland contains two small enclaves : Büsingen belongs to Germany, while Campione d'Italia belongs to Italy. Switzerland has no exclaves. Eurozone The euro area , commonly called
11424-633: The two names even in writing. The Latin name Confoederatio Helvetica was neologised and introduced gradually after the formation of the federal state in 1848, harking back to the Napoleonic Helvetic Republic . It appeared on coins from 1879, inscribed on the Federal Palace in 1902 and after 1948 used in the official seal (e.g., the ISO banking code "CHF" for the Swiss franc , the Swiss postage stamps ('HELVETIA') and
11536-695: The wider world by Axis-controlled territory. Over the course of the war, Switzerland interned over 300,000 refugees aided by the International Red Cross , based in Geneva. Strict immigration and asylum policies and the financial relationships with Nazi Germany raised controversy, only at the end of the 20th century. During the war, the Swiss Air Force engaged aircraft of both sides, shooting down 11 intruding Luftwaffe planes in May and June 1940, then forcing down other intruders after
11648-412: The world including eurozone as a single entity, by nominal GDP (2020) at their peak level of GDP in billions US$ . The values for EU members that are not also eurozone members are listed both separately and as part of the EU. HICP figures from the ECB, overall index: Interest rates for the eurozone, set by the ECB since 1999. Levels are in percentages per annum. Between June 2000 and October 2008,
11760-560: Was Elisabeth Kopp , who served from 1984 to 1989, and the first female president was Ruth Dreifuss in 1999. In 1979 areas from the canton of Bern attained independence from the Bernese, forming the new canton of Jura . On 18 April 1999, the Swiss population and the cantons voted in favour of a completely revised federal constitution . In 2002 Switzerland became a full member of the United Nations, leaving Vatican City as
11872-487: Was born with its first 11 member states on 1 January 1999. The first enlargement of the eurozone , to Greece, took place on 1 January 2001, one year before the euro physically entered into circulation. The next enlargements were to states which joined the EU in 2004 , and then joined the eurozone on 1 January of the year noted: Slovenia in 2007, Cyprus in 2008, Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, and Lithuania in 2015. Croatia, which acceded to
11984-575: Was complicated and controversial; over the course of the war, it admitted as many as 300,000 refugees while refusing tens of thousands more, including Jews persecuted by the Nazis. After the war, the Swiss government exported credits through the charitable fund known as the Schweizerspende and donated to the Marshall Plan to help Europe's recovery, efforts that ultimately benefited
12096-484: Was finally reached on a controversial proposal for member states to peer review each other's budgets prior to their presentation to national parliaments . Although showing the entire budget to each other was opposed by Germany, Sweden and the UK, each government would present to their peers and the Commission their estimates for growth, inflation, revenue and expenditure levels six months before they go to national parliaments. If
12208-462: Was first attested in 972, as Old High German Suittes , perhaps related to swedan 'to burn' (cf. Old Norse svíða 'to singe, burn'), referring to the area of forest that was burned and cleared to build. The name was extended to the area dominated by the canton, and after the Swabian War of 1499 gradually came to be used for the entire Confederation. The Swiss German name of
12320-530: Was formally recognised in the Peace of Westphalia in 1648. Switzerland has maintained a policy of armed neutrality since the 16th century and has not fought an international war since 1815 . It joined the United Nations only in 2002 but pursues an active foreign policy that includes frequent involvement in peace building . Switzerland is the birthplace of the Red Cross and hosts the headquarters or offices of most major international institutions including
12432-513: Was integrated into the Roman province of Raetia . Sometime around the start of the Common Era , the Romans maintained a large camp called Vindonissa , now a ruin at the confluence of the Aare and Reuss rivers, near the town of Windisch . The first and second century AD was an age of prosperity on the Swiss Plateau. Towns such as Aventicum , Iulia Equestris and Augusta Raurica reached
12544-507: Was part of the territory of the Kings of the Burgundians , who introduced the French language to the area. The Alemanni settled the Swiss Plateau in the fifth century and the valleys of the Alps in the eighth century, forming Alemannia . Modern-day Switzerland was then divided between the kingdoms of Alemannia and Burgundy . The entire region became part of the expanding Frankish Empire in
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