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At the opening fireside chat of the Point Zero Forum 2026, Swiss Federal Councillor Karin Keller-Sutter and European Commissioner Maria Luís Albuquerque reflected on how governments and regulators should respond to fast-moving financial innovation.
When should the state act as a financial backstop?
Both speakers agreed that intervention should preserve financial stability and the payment system rather than rescue any single institution. Shareholders and creditors are meant to absorb losses first, with public funds used only as a last resort.
Why Switzerland wants UBS to fully capitalize its foreign subsidiaries — and why does UBS disagree?
Keller-Sutter confirmed that the Swiss government, the Swiss National Bank, and FINMA want UBS — now Switzerland's sole remaining globally systemic bank — to fully capitalize its foreign subsidiaries, a measure drawn directly from lessons learned during Credit Suisse's collapse. She noted that UBS disputes the necessity of this requirement, calling the issue "very controversial."
How the EU can fix an overreliance on bank debt?
H.E Maria Luis Albuquerque said European corporates rely too heavily on bank debt, roughly 75% of funding, which she called a root cause of the region's lower productivity, and pointed to the EU's Savings and Investments Union and Capital Markets Union as the mechanisms meant to shift more financing toward capital markets.
Speakers:
H.E. Maria Luis Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, European Commission
Karin Keller-Sutter, Federal Councillor & Head of the Federal Department of Finance, Switzerland
Host:
Andreas Schaffner, Founder of Swiss Institutional
Point Zero Forum 2026 | Zurich, Switzerland
