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Financial Center Liechtenstein External relations Relations with the Swiss Confederation Liechtenstein maintains on special and traditional relationships with Switzerland, to which it has entertained close ties within a customs and economic area union as well as through other bilateral treaties. Liechtenstein has a strong and freely convertible currency in the Swiss Franc. In the area of banking activities, the involvement with the Swiss economy is particularly intensive. The proximity to the large financial centres in Switzerland and other parts of Europe represent an essential economic factor, above all in the sector of financial services. Relations with the European Union As in the case of any other European state, an adequate regulation of its relationship with the European Union (EU) is of predominant significance for Liechtenstein. With its accession to the European Economic Area (EEA Treaty) which Liechtenstein entered into in May 1995, the Country found a form of association with the European Union appropriate to its requirements, without having to become a full member of the EU. This comprehensive Treaty concluded between the EU and the EFTA States is based fundamentally on the internal market concept of the EEC but provides decisive advantages for Liechtenstein as compared with full membership of the EU. The EEA establishes no customs union and it is not directed towards the realisation of common currency and finance policies.
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