Swiss reject plan that risked affecting EU ties

Bloomberg

Switzerland overwhelmingly rejected a plan that could have caused a worsening of relations with the European Union by forcing the government in Bern to renegotiate international treaties.
Two-thirds voters opposed the “self-determination” initiative, which argued for the constitution to take precedence over international law, potentially triggering revisions of treaties if there are conflicts. Polls had indicated a likely rejection.
Switzerland isn’t a member of the EU but the 28-country bloc is by far its biggest trading partner. Relations are governed by a complex set of bilateral agreements ranging from civil aviation to agriculture and immigration.
Sunday’s plebiscite comes just as the Swiss are seeking to ensure continued recognition for their stock market under the EU’s MiFID II financial market regulations. The current equivalence agreement expires at the end of December.
Bern and Brussels are looking to cement their relationship via a framework deal, which has been four years in the making.
Yet talks ran aground due to a disagreement about labour market access in Switzerland, and the EU has made continued recognition of the Swiss stock market contingent on progress on the political front.
Swiss Justice Minister Simonetta Sommaruga declined to answer questions about what the outcome of the vote might mean for EU relations.