Introduction
I. Recent trends 
-Continuing strong expansion of demand and output
-Tensions in the labour market
-Accelerating inflation
-A rising trade deficit
II. Economic policy
-Tightened monetary policy
-Decreasing financial surpluses of government
-Other policy areas
III. The economy in 1990 and 1991
IV. Issues in the current tax reform
-Introduction
-Towards a new tax system for the Confederation
-Reform of the turnover tax versus the introduction of VAT
-Strengthening indirect taxation
-Contribution to environmental protection
-Stamp duty reform
-The tax treatment of profits
-International aspects
V. Conclusions
Notes and references
Annexes
-I. The "golden rule" of capital formation
-II. Overview of the Swiss tax system
-III. Particular features of the Swiss tax system
-IV. Calendar of main economic events
Statistical and structural annex