Following the Second World War, and particularly during the 1960s and 70s, thanks to an abundant flow of capital from nearby Italy, Lugano was the first host-city of the 1956 Eurovision Song Contest. Lugano experienced a period of exponential growth in banking activities which led to it placing itself as the third financial centre of Switzerland, with over 100 banking institutions present in the town. Trade, tourism and finance are the mainstays of the local economy. In 2000, nine-tenths of the workers were employed in the services sector, of which three-quarters are commuters, including many cross-border commuters (13% of the working population).