Since the 2008 global financial crisis, many countries have experienced rising levels of public debt, a trend that has dramatically accelerated in the wake of shocks such as the Coronavirus pandemic. Demographic changes, increased defence spending and a backlog of infrastructure investment are expected to push public spending even higher in the future.
However, elevated fiscal burdens and international competition between business locations are limiting the scope for tax increases. Against this backdrop and given the central role of the government bond market in the financial system, there could be far-reaching consequences for markets, economies and society.
These developments also raise important questions for the wealth management industry. What risks arise for the bond market? What impact can be expected on currencies? How can government debt be kept at a sustainable level? What impact could instability caused by government debt have on investment returns? And how can the industry support its clients in meeting these challenges?
We look forward to discussing these and other questions with you as well as renowned speakers at the tenth Private Banking Day in Bern.
Registration is possible at www.privatebankingday.ch until 7 May 2026.

Grégoire Bordier
Chairman ASPB

Giorgio Pradelli
President VAV