For some in the British government, the Swiss model — and the high level of access to the European single market it offers — looks attractive, were it not for a catch which troubles even the mildest of Euroskeptics: If the Swiss break a single clause in any of the numerous bilateral agreements that make up their trade deal with Brussels, their whole economic relationship comes tumbling down.
This all-or-nothing “guillotine clause” forces the Swiss into accepting a large and evolving share of EU law, including free movement of people, with little practical power to break away without risking enormous economic damage. [...]
It is the closest model to the one laid out by U.K. Prime Minister Theresa May in her Florence speech last month, where she rejected Norwegian-style EEA membership as too restrictive, while also insisting a Canada-plus free-trade model did not offer enough access for Britain’s economy. [...]
These agreements are overseen by “more than 15 joint committees,” rather than the European Court of Justice — but if they break any deal, the whole arrangement collapses. The severity of this penalty — and its impact on the Swiss economy — means that in practice the country must go along with whatever is decided in Brussels, if it is related to any of the sectors of its economy where is has a deal with the EU.
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