There was talk of a slap in the face following the National Council refused the Federal Council’s rescue plan. Of a signal that was launched. From a necessary warning addressed to the Federal Council to indicate to it that things might not happen this way. It was said that it was not possible to continue the current policy. That a lot of things had to change.

The refusal – the slap – would have no consequences; we knew that from the start. But no, it’s no – and lawyers intervened to say no, it’s no, Parliament did not support the Federal Council in its intervention.

Other jurists, the Secretariat of the Finance Committees responsible for guarantees and the Federal Council are of a different opinion and maintain their position: the Federal Council has made use of its powers inherent in emergency law and, in a difficult situation that required rapid action, he decided, in the interest of the country and financial stability, what seemed to him the most adequate on the basis of the knowledge at his disposal.

Who is right? Specialists in public law and administrative law will write opinions, opinions will diverge and perhaps – hopefully – in the end those who support the rescue plan or at least accept it will be vindicated. This is the case, beyond the Federal Council and the other authorities concerned, for the entire Swiss economy. Political turmoil aside, so too does the federal parliament in its full breadth, from left to right.

From the start, the Federal Council presented the possible options. He repeated them over and over once more. Nationalize Credit Suisse. Separating the Swiss activities and letting the rest fall apart according to the principles of “too big to fail”. Let all of Credit Suisse go bankrupt. Or precisely: merge with UBS.

We listened to the debates. The statements on television, the interviews, all the stagings. Not a single person advocated nationalization, either left or right. Or the outright option of bankruptcy. Until the end, no one seriously asked and insisted on going through with the “too big to fail” solution.

Raising capital requirements, banning bonuses, separating CS Suisse from the merger crowd, greening the Swiss banking sector and establishing climate justice – all the demands have been made, we have heard everything. But what did we actually hear? These were and are questions for later, once the debacle has been dealt with. Important questions perhaps, but not solutions to the current problem. No one offered to put out the fire or let the house burn. Everyone was watching the firefighters and discussing what changes should be made following the fire.

Is the Federal Council’s solution wrong? Does the refusal of the National Council change the situation for the 109 billion guarantees given by the Confederation?

The answer is simple: Swiss politics accept the rescue plan. Everyone felt that the risks inherent in the other options were too great.