Switzerland's Economy: Checkpoint 1

Quick checkpoint - five questions on Switzerland's economy, banking secrecy, the franc, the 2015 shock and watches.

Quick checkpoint - five questions on Switzerland’s economy, banking secrecy, the franc, the 2015 shock and watches.

Question 1 of 5 What makes Switzerland's wealth notable?

It's rich with almost no natural resources It has huge oil reserves It's in the EU It has a large population

Skills and specialisation drive wealth.

Question 2 of 5 What ended Swiss banking secrecy for tax purposes?

Automatic exchange of information after US pressure A war Joining the EU Closing all banks

UBS's 2009 case was a turning point.

Question 3 of 5 Why does the franc rise in global crises?

Investors see it as a safe haven Switzerland exports oil Its central bank prints money It's pegged to gold

This hurts exporters.

Question 4 of 5 What happened on 15 January 2015?

The SNB scrapped its franc cap, and the franc jumped Switzerland joined the euro Banks closed Watches were banned

The franc rose about 20 percent in minutes.

Question 5 of 5 What saved the Swiss watch industry?

Swatch and repositioning to luxury Banning quartz Moving to Japan Government ownership

Nicolas Hayek led the rescue.

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