61340 Vorabseiten_e - Unabhängige Expertenkommission Schweiz

transition to economic warfare as one aimed at weakening the opponent
economically. From a Swiss point of view, this «blockade policy» represented «a
system of power and arbitrariness» 9 which required determination and perceptiveness
in negotiations.
The second phase lasted a year and started with the German-French armistice,
the virtually total encircling of Switzerland by the Axis powers in the summer
of 1940, and the successful conclusion of a trade agreement between
Switzerland and Germany on 9 August 1940. At the same time an effective ban
on exports to Great Britain was issued which called Switzerland’s neutrality into
question and was seen as a political concession to Germany. But as early as
September 1940 it was possible to resume economic relations with Britain,
albeit at a reduced level. At this time, Switzerland was also negotiating with
fascist Italy, the long-time ally of the Third Reich, which entered the war in
June 1940. Besides an increase in imports and exports, representatives of the
Italian authorities initially pushed for foreign currency loans from the Swiss
banks and – after Switzerland had made a corresponding concession to Germany
– a state clearing loan. The services provided by the Swiss financial centre and
the export activities of industry were important to the Italian economy and
political set-up for various reasons: alongside the granting of credit, and gold
purchases, we should also mention camouflage transactions and the transfer of
flight capital. But at the heart of this relationship was the foreign currency loan
granted to Istcambi in 1940 by a Swiss banking consortium led by Swiss Bank
Corporation (SBC). 10
The invasion of the Soviet Union in June 1941 marked the beginning of the
third phase. It showed Germany at the height of its military powers and at its
most arrogant in negotiations. It was during this phase that Switzerland made
its biggest concessions, in particular a clearing loan amounting to 850 million
francs. This phase continued until the major turning point of the war associated
with Midway, El Alamein and Stalingrad. The period between November 1942
and January 1943 was characterised by the collapse of German hegemony,
ushering in a fourth phase which began with a dangerous crisis in Switzerland’s
trade relations with Germany. The German sphere of control saw a transition to
«total war», which had serious implications for the populations of the occupied
and annexed territories. After new negotiations proved fruitless, a treaty-free
situation began in January 1943 which led to some uncertainty in business
circles and amongst the authorities: there was a slight decline in willingness to
supply goods to Germany. The Federal Council and its trade negotiators were
able to portray a more self-assured image towards the Reich from 1943 onwards
following the turning point in the war: the Allies put pressure on the neutral
countries, which thus gained moral support against Berlin. It is one of the
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