Switzerland has recently encountered its most significant economic and financial upheavals since the second world war. But they cloud the biggest and most unexpected shock of all and one that may be hardest and take longest to recover from – that to its reputation.

This vital intangible element had first been damaged by unprecedented banking and investor losses (although these were minimised by nimble and intelligent government support), and was then compounded by the sudden demise of banking secrecy. The impact of the latter change should not be underestimated. It could be deeply negative for the country if there is insufficient modernisation Witness the recent market values of offshore “black” client portfolios, which have plummeted.