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European Commission to give Switzerland 6 months to agree new treaty – report

The European Commission decided on Tuesday to offer Switzerland six additional months to agree on a new treaty that will govern the country’s future relations with the EU, Reuters reported, citing two EU sources. The political decision is to be formalized after talks with EU leaders in Brussels this week. The move would allow Swiss stock exchanges to maintain access to EU clients until the end of June under a temporary extension of the “equivalence” regime that permits foreign financial firms to operate in the 28-nation bloc, according to the sources. The move marks a retreat from the more belligerent stance Brussels had previously adopted.