Switzerland’s Financial Role Said on Decline

This country’s role as an international finance center is declining, the chairman of the Zurich stock exchange said.

“Earlier statistical observations, made honestly but with a grain of salt, that Zurich is the world’s fourth-largest financial center behind New York, Tokyo and London have dwindled into silence,” Nicolas Baer said at a news conference announcing the exchange’s annual report.

Baer cited a trend toward greater economic and political stability as robbing Switzerland of its reputation as the world’s haven for wealth.

“When one considers the flow and volume of capital in the international financial world, one can only consider a financial investment in Switzerland as a secondary investment,” Baer said, urging that Switzerland make stock ownership easier for foreigners.