The peer review of Switzerland is the fifth country peer review under the Financial Stability Board’s (“FSB”) Framework for Strengthening Adherence to International Standard. The report praises Switzerland for its response to the global financial crisis, its ability to recover swiftly with limited fiscal help and its subsequent “too big to fail package”, which enters into force in March 2012. The FSB also said progress had been made on bank supervision and in particular regarding Swiss financial watchdog Finma’s operational independence and resources. But it was critical of the extensive use of external auditors.
 
It also suggested that cantonal banks should step up their reforms “to eliminate the state guarantee enjoyed by most cantonal banks in order to put them on an equal footing with the other banks”.