The Anchor of Swiss Financial Policy Celebrates its 20th Anniversary
Published: Tuesday, Sep 5th 2023, 14:00
Aktualisiert am: Freitag, 13. Oktober 2023, 14:12
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The Swiss Debt Brake, introduced twenty years ago, is one of the most important instruments of Swiss financial policy. It is an efficient mechanism for controlling the total expenditure of the federal government. On the occasion of the anniversary celebration in Bern, Finance Minister Karin Keller-Sutter praised the Debt Brake for providing stability and allowing the state and politics the necessary flexibility in crises such as the Corona pandemic. The Debt Brake was introduced in 2003 due to the imbalance of the federal finances in the 1990s. Thanks to the favorable economic development and the observance of the Debt Brake, the federal debts have been reduced by around 27 billion since 2003. The Debt Brake sets a framework for prioritizing expenditure, strengthens medium-term financial planning and thus disciplines parliament and administration. It also allows for exceptions in extraordinary situations and takes into account the economic development.nnnnnnnnnnnnnnnnnnnnnnnn
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