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3 Technium Soc. Sci. J. 1 (2020)

handle is hein.journals/techssj3 and id is 1 raw text is: Technium Social Sciences Journal Vol. 3, 1-10, February 2020 ISSN: 2668-7798 SOCIAL SCIENCES JOURNAL www.techniumscience.com Swiss Direct Democracy and Regulation of Banking Sector Prof. Dr. mult. Miroslaw Matyja Dr. h.c. Logos International University / USA Polish University Abroad in London Selinus University in Bologna/Italy Indian Management School and Research Centre in Mumbai/India m.natyijaksunise ch Abstract. The aim of this article is to analyze the influence of the Swiss political system on the country's banking sector. Is the Swiss direct democracy, which has no counterpart in any other country, an advantageous factor for the development and functioning of the banking sector? In order to fully answer this question, the author has analyzed the results of direct voting on the Swiss bank regulations. He has concluded that there is an important and direct influence of the political system on the functioning of the financial sector. The analysis of the results of various federal referenda confins the thesis that the Swiss direct democracy (with its instruments of popular initiative and referendum) has a decisive influence on the regulatory process in the country's banking sector. Keywords. Switzerland, Banking Sector, Direct Democracy, Regulation, Finance Introduction The Swiss political system differs significantly from other European democratic systems. Due to constitutional legislation and specific political instruments, such as referendum and popular initiative, the Swiss are really the sovereign who has the last say in every important issue from the communal to the federal level. This collective system of power, characterized by a considerable influence of various interest groups, political elites and citizens, has no counterpart in any other country. For this reason, the Swiss federalism, with its complexity and distinctiveness, cannot be directly implemented into the political system of a different country without a proper analysis of its origins and functioning. A detailed study of the Swiss banking sector is possible only after examining the uniqueness of the country's political system, for it determines how the industry operates. It is equally important to define and systematize the methods and forms of regulation. Can thus a proper banking regulation be established in a political system based on direct democracy? Do popular initiative and referendum, as instruments of democracy, hamper the state's policies of regulation? It is generally known that there is a conflict of interests between democracy and the rule of law, and between the principle of democratic majority and the principle of profit maximalization that is characteristic for banks. This conflict can be managed, but it cannot be 1

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