SWatch out: Zurich beyond the chocolate and watches
Zurich close to becoming the new European financial capital
One of the most important cities of Switzerland, Zurich, is to become the financial centre of Europe as traders from all over the world move to the city in times of recession.
This true exodus of traders and investors has occurred in an increasing rate over the last two years. Attracted by the minuscule taxes and other incentives, many people have decided to move to Zurich as a way to usufruct from the benefits and savings that the city might give them. The result of such movement can be seen in the constant increase in the city’s importance and power over the financial sector. At the same time that this growing power should work as an example for other countries, there must be some caution as this might cause worse situations for other cities in times of recuperation from a crisis.
The sudden rise in the number of traders going to Zurich may harm other financial centers as money is taken away from the cities. Due to the transference of money to the Swiss city, metropolises such as London, Frankfurt and Brussels may end up having less attention given to them. This lack of interest causes fewer investments, which then generate weaker and more fragile economies. Consequently, new difficulties surge and another contraction might be knocking at our door.
For the Swiss financial capital, on the other hand, everything is going fine. The movement of traders and investors represent higher government income, more jobs and better infrastructure for the people. Furthermore, as it already happened to Switzerland and other European countries in general, boosts in welfare are almost undeniable.
The existence of such incredibly low taxes has been part of Switzerland’s economic policy for quite a long time. With the clear focus towards the services’ sector (64.5% of GDP) the country has always tried to keep money flowing within its borders. As a result of the present economic crisis, the country’s (and most specifically the city’s ) efforts were rewarded as people are doing everything they can to save money.
As it was said by the Swiss finance minister Hans-Rudolf Merz “As Zurich gains the attention of more traders, our economy gets stronger, steadier, and the city’s influence increases amongst the rest of the world.”
From now on, we should try to use Zurich’s and Switzerland’s example as ways to improve our own problems. Even though there were not any problems until the moment, we should be prepared for future troubles with the high number of traders and investors leaving cities such as London and Manchester. At the present moment, all we can do is just hope that some of the traders get sick of the chocolate
The piece was chosen as an article that would appear in the Independent because it is the type of story that is common for black banner tabloids. The people that read the independent are people that want to know more about national and international news without much influence of politics and biases. The structure of the article follows the inverted triangle and there is some contrast between subsequent paragraphs, which is a characteristic that was observed in the article analysis exercises. The lengths of the paragraphs also correspond to the usual lengths from black banner newspapers and the language of is sophisticated up to a certain extent. There is some level of sophistication, but not excess of it. In relation to the influences, the entire article was written from a British point of view. Even though, there are some elements of right wing, I attempted to balance the political views the maximum that I could. The British point of view is not something to worry about, since it is exactly what is would please the newspaper’s main readers (tacit agreement).