DAVOS - The 2026 World Economic Forum meeting gave Swiss officials a week of bilateral encounters they cannot schedule as easily in Bern. EU relations, bank capital and Alpine infrastructure sat in the side rooms while the big hall talked about growth and security.

Protesters were fewer than some previews suggested. Snow was sufficient. Security spending was not a figure anyone offered on the record.

Home files travel badly

UBS lobbyists and finance ministry staff were in town at the same time, which is not a coincidence. The capital-rules fight documented later in September was already a working paper in January.