centres in the world. This has been due largely expressed both in absolute numbers and in the sum to a number of favourable circumstances, such as of the balance sheets involved. political and social stability, legal certainty, a rapid In a world which is characterised by an ever return to freedom of transactions, currency stability, greater internationalisation of economic and finan­ as well as the reputation for efficiency and reliabili­ cial transactions, however, the operations and ty which has been achieved by its banks. prospects of one financial centre cannot be consid­ In absolute terms and globally speaking, there ered without taking into account the development of is no question of Switzerland as a financial centre the international environment.