, efficient authorities, and a solid and secure infrastructure. this constitutes a strong underpinning for financial service providers. but let us not rest on our laurels. we must try to avoid creating any administrative hurdles that neither contribute to stability nor bring any great benefit, but instead unnecessarily restrict the activities of financial service providers. transfer stamp tax and withholding tax, for instance, curb the potential for growth in switzerland. the reform of the withholding tax system and the abolition of transfer stamp tax on domestic bonds are expected to strengthen the swiss capital market. 2 this would not only benefit the financial sector, but also improve the financing options available to companies. it would also benefit small and medium - sized enterprises, for which such opportunities have been very limited until now. cf. roadmap for financial market policy switzerland 2020 +, advisory board for future of swiss financial centre, 2019. page 4 / 5 open market access switzerland undoubtedly owes much of the prosperity it enjoys today to open markets and thriving trade. however, for the export - oriented parts of the swiss financial industry, limited market access continues to be an obstacle restricting growth potential. market access to some countries has deteriorated since the financial crisis. this especially affects wealth managers who are operating in our relatively small domestic market. measures to facilitate market entry would therefore be helpful. and there are new opportunities to be developed in the multilateral trading system too. until now, the liberalisation of global trade has focused on goods. liberalisation of trade in services could offer new growth potential for financial service providers. closing remarks i come now to the end of my speech. ladies and gentlemen, good framework conditions are key to ensuring that our financial centre remains a global leader. they must be safeguarded at all times, and, where appropriate, improved. in addition, and speaking more generally, good framework conditions help companies in all sectors find corporate responses to challenges such as coronavirus, but also to structural changes. they provide the foundation for private market participants to be economically successful and compete at an international level. this is, of course, especially true of the financial sector. thank you for your attention. page 5 / 5

employment in the euro area. taking a broader perspective, i should like to take this opportunity to further emphasise the overall soundness of the institutional framework for monetary and economic policy laid down by the treaty. in fact, the treaty provides, in all fields, a clear and consistent allocation of policy objectives and responsibilities among the various policy - makers. in this respect, it is the task of fiscal policy to make its contribution to enhancing the growth potential of the euro area by maintaining sound fiscal positions and helping to reinforce the proper framework for the functioning of a market economy. it is also important that fiscal policy maintains a medium - term orientation throughout the economic cycle. the results of fiscal policy in several countries have been very disappointing in the last few years. the pace of reform has significantly fallen and there have even been setbacks in the efforts to consolidate in some cases. in fact, the main reason why several countries at present are in budgetary difficulties is because they have not used the past phase of higher growth to substantially improve their fiscal position, i. e. they have shown precisely a lack of medium - term orientation. it is crucial that fiscal policy fully respects the basic principles of the treaty and of the stability and growth pact, namely to avoid excessive deficits and to attain budgetary positions close to balance or in surplus in the medium term. if the pact is to work efficiently, all countries with remaining imbalances must commit themselves to implementing a clear consolidation strategy. such a strategy should specify a credible adjustment path with significant improvements in the cyclically - adjusted budget balance every year. this path should be followed strictly and completed within the shortest possible time frame. it must be based on realistic assumptions for the economic environment and include clearly specified measures. furthermore, accounting rules must be rigorously applied and strict procedures established to monitor the implementation of the consolidation strategies. in the end, the full adherence of all governments to the stability and growth pact can only be beneficial for the euro area. finally, it is important to stress, especially in a phase of uncertainty regarding economic activity, that decisive structural reforms will contribute to increasing the euro area ’ s resilience to economic shocks, enhance price and wage flexibility, and thereby reduce the costs associated with an economic downturn and increase the euro area ’ s growth potential. structural reforms in product, labour and financial markets are essential in order to foster non - inflationary growth in the euro area and create a climate of economic stability and dynamism. countries should therefore speed