Yes, but today, for the second time this year they voted down the legislative framework... http://www.forexlive.com/blog/2011/12/21/swiss-parliament-votes-down-negative-interest-rates-rtrs/
Since I have never been to Geneva I would not know which bridge. And your quote (taken out of context) makes it sound like I know Geneva. Here is what I actually said: A friend of mine paid over $20 for a big mac, fries and a soda in Geneva over the summer. I am told that except for the wealthiest the residents of Geneva walk across the bridge to France to shop -- even for groceries.
It is true... Nobody shops in Switzerland these days and this is based on what a whole bunch of people who live there have told me.
I didn't ask "which bridge ?" , but "what bridge ? " in the sense that people don't walk across any bridge to go from Geneva to France AFAIK... but I never walked through the border either. Anyway it's true life is quite expensive in Switerland, but I still like the country very much, and even more Zurich than Geneva - would definetely recommend those who don't know it to visit, regardless of the exchange rate.
Besides no matter how expensive life is in Switzerland, incomes are high enough to ensure very high living standard to the locals - hence Zurich is still the city in the world which offers its citizens the highest purchasing power, and Geneva comes 7th. http://www.citymayors.com/economics/usb-purchasing-power.html
Thanks for sharing but that is a very unusual survey (conducted by UBS - no bias there then!). 40 Hong Kong, 47 Singapore, 61 Shanghai, 63 Beijing 4 Miami, 6 Dublin? Didn't Hong Kong come out #1 in another survey for financial sectors? The highest Asian City coming in 23rd (Tokyo)? 15/22 of the richest cities based in Europe? European debt crisis?...What debt crisis?!
You probably have a point on the UBS bias ! Yet if you don't know Switzerland it's difficult to notice how high is the life standard there. When i was living there (about 15 years ago) salaries especially for low qualified people, were about double the salaries in neighbouring France, and last summer we tried to hire a chinese nanny in Geneva and she still asked us over double what we pay when in Paris. Besides, lots of ultra wealthy individuals settle in Switzerland, both for tax reasons as well as for the quality of life. There is not much of a crisis in switzerland. Also when I say salaries in Switzerland are about double what they are in France, don't think French are struggling particulary - although the country has been hit harder by the economic crisis - Please check the link below I already gave in a different thread : http://en.wikipedia.org/wiki/Economy_of_France#Wealth "Wealth [edit] Overview In 2010, the French had an estimated wealth of US$14.0 trillion for a population of 63 million[29] * In terms of aggregate wealth, the French are the wealthiest Europeans, accounting for more than a quarter of wealthiest European households.[30] Globally, the French nation ranks 4th wealthiest,[31][32] being proportionally the weathiest one. * There are more millionaires in France than in any other European country : 2.6 Millions of Dollar millionaires followed by the UK (1.6 millions) * In 2010, the wealth per French adult is a little higher than US$290,000, down from a pre-crisis high of US$300,000 in 2007. * Virtually every French household has at least US$1,000 in assets.[33] Proportionally, there are twice as many French with assets over US$10,000 and four times as many French with assets over US$100,000 than the world average.[34] * The French are also among the least in debt populations in the developed world with personal debt accounting for "little more than 10% of household assets".[35]" Also from the same link, note 31 : "# ^ Rankings: 1st: USA with $54.6 trillion for 318 million inhabitants; 2nd: Japan with $21 trillion for 127 million inhabitants; 3rd: China with $16.5 trillion for 1.331 billion inhabitants; 4th: France with $14.0 trillion for 63 million inhabitants " Europe has a stagnant economy but has amassed great wealth in the past, and the least resourcful citizens there still get away with welfare or public jobs. Also (not including the southern countries where economic development has arrived much later and which polpulation is likely more hardly hit by the present situation, if you live there, there are no dramatic sign of a crisis. I used to prefer the more dynamic Asia but growing older and wealthier, I soften and like continental western europe more and more.
I was not suggesting taking up a collection to bail out the Swiss!! You are correct about seeing a very high standard of living throughout Switzerland; it has a great deal of accumulated wealth and a very efficient and industrious workforce at every level. Any country that can deliver mail to snowed-in hamlets faster than most countries can deliver across town yet not have a bloated level of municipal employment understands how wealth is created. That said, the Swiss are not about to let themselves become less competitive because the rest of the world has destroyed their various currencies. When the currency wars become so intense that there is panic buying in every currency that is considered a safe haven they will, I am sure, take steps to remain competitive.