Liechtenstein. Switzerland, the fourth EFTA country opted against EEA membership 
in a referendum in December 1992. 
A referendum was also held a week later in Liechtenstein, but the people there said 
"YES to the EEA". Entrance to the EEA was not immediately possible due to 
Liechtenstein’s integration in the Swiss economic area, particularly through its 
customs agreement, with open borders and no passport controls. 
Border controls still haven't been introduced. In order to become an EEA member, 
Liechtenstein had to negotiate with Switzerland to adapt its various bilateral 
agreements. Specific alterations also had to be made to the EEA agreement with 
regard to Liechtenstein's membership. Liechtenstein's special situation and its size 
were given due consideration. 
The fact that Liechtenstein has, on the one hand, bilateral agreements with 
Switzerland, which demand the implementation of various Swiss laws, and is, on the 
other, an EEA member which demands the implementation of European law, can 
definitely be considered a special and perhaps unique solution. This has only been 
possible due to the fact that the standards in Switzerland hardly differ from those in 
the EU. Swiss legislation is more or less on Europe's tracks. 
Playing an active part in European integration through EEA membership is both a 
challenge and an opportunity. According to authorities, and to my mind, this process 
entails far more advantages than disadvantages. Autonomy is maintained in 
important fields such as jurisdiction to tax or with regard to well-known 
Liechtenstein company forms (trust, Anstalt). The various branches of the economy, 
particularly the financial service sector, must adapt their legal framework to 
European requirements. Clarity and legal equality are therefore ensured. And certain 
special characteristics which have led to the success of individual branches of the 
Liechtenstein economy can nevertheless be maintained. 
Liechtenstein’s economic policy-makers are fortunate not to have to rack their brains 
for measures to combat crises. Liechtenstein is and will remain an attractive 
economic location. 
And what better way to wish you at the end of my speech all concerned success for 
the future. Thank you for your attention. I would be only to pleased to answer any 
questions you might have. 
8/17 
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