There is little room for small states in a globalizing world  Both countries would benefit from pooling sovereignty in an increasingly globalised world. For relatively small states true independence is no longer possible, with countries like Switzerland and Norway at the mercy of bigger economic forces. Thus Switzerland for example had to bail out its biggest bank UBS with $5.23 billion In 2008 as well as taking on $50 billion of toxic assets. [1] UBS and Credit Suisse the banks that were bailed out held assets worth 680% of GDP so Switzerland could have faced a similar crash as Iceland did. [2]  [1] Gow, David, ‘Switzerland unveils bank bail-out plan’, 2008  [2] Theil, Stefan, ‘What the Swiss Did Right’, 2010