Key facts
From the autumn of 2008 onwards, the world plunged into an economic recession that was sparked off by an extraordinary financial crisis. With a slight time lag, this recession also spread to Switzerland via the export channel. Although Switzerland enjoyed healthy public finances at the start of the crisis and pronounced automatic stabilizers were already in place, such as the unem-ployment insurance, the extent of the crisis and the speed at which it unfolded required the Con-federation to take exceptional intervention measures. It also demanded a swift, decisive, and coor-dinated action while at the same time weighing up the significant risks and uncertainties involved. In view of the severity of the crisis and the associated uncertainties, the Federal Council resolved to implement a proactive approach in several phases, which included discretionary stabilisation measures.