Editor's note: The following comment is from the Swiss Private Bankers Association, and is reprinted with that organisation's permission. 

Switzerland could declare in the words of Voltaire, "Lord, protect me from my friends; I can take care of my enemies." Indeed, it is possible that the tax agreements thrashed out with Germany and the UK may not survive the crossfire of the extremes in its own parliamentary debate. And if they do get through, the German agreement could still be attacked by the AUNS (Aktion für eine unabhängige und neutrale Schweiz) in the form of a referendum.

Therefore, Switzerland could ultimately see the surge of a nationalist and anti-German campaign which would increase tension in the already strained relations with its principal economic partner. Everyone would lose out. In sectors like tourism this is the last thing they need. So, let us look at the Swiss politics surrounding these treaties.

The [political] left are awaiting the automatic exchange of information. In this case the Swiss banks would be subjected to an internal European Union regulation without reaping any of the benefits linked to EU membership, particularly where market access is concerned. It would be irresponsible for employment, tax revenues and for the very future of the financial centre.

On the right, the nationalist circles are threatening to do just what the German left and extreme left are aiming for, i.e. to deprive clients with Swiss bank accounts of a unique opportunity to regularise their tax situation. This double refusal, for opposite reasons, proves one thing at least: the negotiated compromise is reasonable.

Analysis

Their arguments against these agreements do not stand up to analysis. Of course, as in the case of any treaty, one could think of more favourable terms. But in substance, the Swiss negotiators have conceded nothing fundamental. Swiss banks' clients can regularise their situation while maintaining their personal privacy in the long term. The agreements protect the banks' employees. And they improve market access, within the limits set by the EU.

They also criticise the fact that the rates for regularising the past have been increased. This is true, but only in rare, somewhat extreme cases. The inheritance tax rate is also considered too high. But the heirs can also choose to declare the inheritance and consequently benefit from a reduced rate. By including this point the agreements have, for that matter, reinforced legal certainty.

The opponents are attacking the on-site checks that the German financial markets supervisory authority will be able to carry out on Swiss banks wanting to take advantage of improved market access. What they are not saying is that the principle of these checks already exists in Swiss law and will be concerned with the banks' systems and not their clients' accounts.

Finally, some are raising the spectre of Germany using infamous stolen bank data. But it is specifically laid down in the agreement that, in the future, the German authorities will refrain from acquiring stolen files. Instead of spreading fear, the opponents should look at the reality of the facts.

It is in Switzerland's interest to ratify these agreements. After Germany, Austria and Great Britain, there is a good chance that treaties with other countries will follow. In which case, the financial centre will be able to see the future more serenely.

This vital sector and its employees must not be taken hostage by party politics.