Switzerland's banking lobby today called on the government to end talks with the European Union about continuing to contribute to the EU budget unless Brussels eases market access for Swiss banks.

"The association advocates open markets and insists on recognition by the EU of equivalence for relevant Swiss laws," the Swiss Bankers Association said in a statement.

"If equivalence in the area of finance cannot be provided, no in-depth discussions should be conducted with the EU about the cohesion contribution."

Non-EU member Switzerland's cohesion payments to the EU budget have in the past helped fund development projects in eastern European EU members.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.