Switzerland–European Union relations
The currency of Switzerland is the Swiss franc. Switzerland (with Liechtenstein) is in the unusual position of being surrounded by countries that use the euro. As a result, the euro is "de facto" accepted in many places, especially near borders and in tourist regions. Swiss Federal Railways accept euros, both at ticket counters and in automatic ticket machines. Also many public phones, vending machines or ticket machines accept euro coins. Many shops and smaller businesses that accept euros take notes only, and give change in Swiss francs, usually at a less favourable exchange rate than banks. Many bank cash machines issue euros at the traded exchange rate as well as Swiss francs.
Banking in Switzerland
The Swiss National Bank (SNB) serves as the country's central bank. Founded by the Federal Act on the Swiss National Bank (16 January 1906), it began conducting business on 20 June 1907. Its shares are publicly traded, and are held by the cantons, cantonal banks, and individual investors; the federal government does not hold any shares. Although a central bank often has regulatory authority over the country's banking system, the SNB does not; regulation is solely the role of the Federal Banking Commission.