Switzerland is a country with a top financial sector but I've learned that local governments (cantons) own their own commercial banks and this is how average Swiss people do their banking like accounts, mortgages, loans etc.
Plus, UBS seems to be the main international bank but it isn't often used by average Swiss people, and in a way it seems this could protect them from international financial issues like a global recession leading to near-collapse of banks (although I may be wrong)
What is the benefit of this system, and why isn't it more common in other Western countries (specifically local government-owned banks)? I Also, is it good that the profits go back to the local government to cut taxes and/or invest in local communities? Should other countries consider this, too?
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