From an economic point of view as well, political autonomy should not and does not mean economic isolation. Today, Switzerland’s economy is amongst the most internationally integrated in the world. As a small country lacking in natural resources, Switzerland started very early on to cultivate cross-border economic relations. Since then, economic integration has contributed greatly to Switzerland’s prosperity. The flipside of the coin, however, is the country’s broad exposure to economic and financial developments abroad, as demonstrated by the global financial crisis and its aftermath. 4. Factors supporting Swiss economic performance  In the wake of the global shock triggered by the Lehman Brothers collapse in September 2008, activity in Switzerland declined very significantly (figure 3). However, the recession was softer and the ensuing recovery stronger than in the euro area. There are various reasons for the relatively solid performance of the Swiss economy. First, the purely domestic banking sector was in good shape and the economy was never faced with a credit crunch. Second, domestic demand has stayed robust, amid favourable housing market developments. Third, exports were relatively resilient to international headwinds. Fourth, as we have already seen, monetary policy acted to limit the negative impact of the Swiss franc’s massive appreciation. Let me now elaborate on the structural factors that have played an important role in strengthening the resilience of the Swiss economy to shocks. I will start by focusing on some interesting shifts that have taken place in the structure of Swiss international trade.

Hamad Al-Sayari: Challenges posed to investment in Saudi banks Speech by His Excellency Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency, to the Symposium on Challenges Posed to Investment and Saudi Banks, Riyadh, 2 December 2006. *  *  *  Dear Audience, At the beginning, I would like to welcome all honorable attendance. It gives me a great pleasure today to address you at the outset of the deliberations of this symposium on "Challenges Posed to Investment and Saudi Banks in an Environment of Global Economic Openness" which is convened at a time the Kingdom is witnessing a period of economic growth accompanied with and enhanced by steps of economic reforms in the fields of streamlining of regulations, restructuring of the national economy, and approval of a number of mega development projects as well as the accession to the World Trade Organization which is an important step towards enhancing integration into the world economy, coping with economic developments, and attraction of foreign investments apart from accession to global markets which will be reflected on the competitive capacity of the national economy. Dear Audience, The current Symposium is being held in a promising economic environment in this country. The Kingdom has recorded outstanding economic results. The real gross domestic product rose by 6.5 percent in 2005. This growth rate was reflected on almost all sectors of the economy which is characterized by strong investment. International rating agencies recorded their appreciation and certified the efficiency and strength of the national economy.