History of Switzerland
Switzerland's most important exports during the war were precision machine tools, watches, jewel bearings (used in bombsights), electricity, and dairy products. During World War Two, the Swiss franc was the only remaining major freely convertible currency in the world, and both the Allies and the Germans sold large amounts of gold to the Swiss National Bank. Between 1940 and 1945, the German Reichsbank sold 1.3 billion francs worth of gold to Swiss Banks in exchange for Swiss francs and other foreign currency.
Switzerland
In 2006, Switzerland approved 1 billion francs of supportive investment in the poorer Southern and Central European countries in support of cooperation and positive ties to the EU as a whole. A further referendum will be needed to approve 300 million francs to support Romania and Bulgaria and their recent admission. The Swiss have also been under EU and sometimes international pressure to reduce banking secrecy and to raise tax rates to parity with the EU. Preparatory discussions are being opened in four new areas: opening up the electricity market, participation in the European GNSS project Galileo, cooperating with the European centre for disease prevention and recognising certificates of origin for food products.