DAVOS - A day after the forum opened, Swiss officials kept a separate timetable: EU market access, electricity interconnection, and the usual reminder that a small open economy needs rules that last longer than a press cycle.

Delegates from machine-industry cantons sat in on some of those meetings. They wanted to know whether German orders would pick up in the first quarter. Nobody offered a number they would sign.

Security outside, capital inside

Finance staff were in town for the same reason they are every January: to hear how foreign supervisors talk about UBS now that Credit Suisse is a book, not a neighbour.