COMCO has received information regarding potential unlawful agreements among banks. Specifically, collusion between derivative traders might have influenced the reference rates LIBOR und TIBOR. Furthermore, market conditions regarding derivative products based on these reference rates might have been manipulated too. Hence, COMCO has opened an investigation against UBS and Credit Suisse, as well as against more than ten foreign financial institutes and other companies.

The strong Swiss franc and the gloomy outlook for the global economy left their mark on Swiss foreign trade as well. Although exports rose by at total of 2% in 2011 (2010: +7%), most sectors experienced a decline in export activity. At the same time, exporters were forced to make significant price concessions. While demand from Asia flourished, it stagnated in Europe. Imports remained flat. The difference between exports and imports pushed Switzerland's trade surplus to a new record high.

Following approval by the Federal Council, the Foreign Policy Report 2011 has now been published. It provides an overview of Swiss foreign policy and gives an account of the main foreign policy activities of Switzerland in 2011. The report also deals with a priority subject - the upheavals in the Arab world and what they mean for Switzerland.