Switzerland: Political Developments and Data in 2023 ; Credit Suisse Collapse—or: A Country in the Global Spotlight and Constrained by Global Interconnectedness

In 2023, Switzerland's profound integration into the globalized world was particularly evident, fundamentally challenging the notion of political sovereignty. Yet, this interconnectedness also means that Swiss domestic rules strongly reverberate around the world, such as in the case of policy failure regarding financial regulation. This article explores how global developments shape Swiss politics, from campaign dynamics ahead of the 2023 federal elections to externally imposed legislative agendas. Even the notorious “Swiss” direct democracy no longer solely reflects citizen‐initiated proposals as further evidenced that year. The article also underscores the inertia of Swiss‐style consensus democracy in gearing up its institutional design for polycrisis. It concludes with a discussion of two major political issues: the collapse of Credit Suisse , one of Switzerland's two leading banks, which marks the most far‐reaching shake‐up of the global banking sector since the 2008 financial crisis, and a potential break‐through in the longstanding stalemate in Swiss–EU relations.