A skirmish over stock market access between Switzerland and the European Union r...
ZURICH - A skirmish over stock market access between Switzerland and the European Union risks escalating into a broader political battle over sovereignty that could do lasting damage to relations.
Switzerland retaliated by banning trading in Swiss stocks on EU exchanges, which normally generate around 30% of the volume in Zurich-listed shares. Swiss parliamentary elections on Oct. 20 complicate matters, and with Brexit also looming on Oct. 31 Brussels is loathe to be soft on the Swiss for fear of encouraging British hopes for favorable divorce terms.
Swiss labor unions and their Socialist allies in government have been dead set against watering down labor rules, which protect Europe’s highest wages against cut-rate German plumbers, French electricians or Italian roofers on short-term jobs.
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