In From The Cold

NEUTRALITY CERTAINLY HAS ITS BENEFITS. BY STAYing above the fray in their landlocked mountain state, the Swiss have managed to stay out of international . conflicts while establishing themselves as the world's private bankers. But last week the governing Federal Councilors announced that they will apply for membership in the European Community. Emboldened by a recent popular vote that approved joining the World Bank and the International Monetary Fund, the government moved quickly to cash in on an emerging approval of multinational organizations among its citizens.

Bankers and businessmen applaud the new overtures. But Swiss farmers, whose subsidies are considerably higher than those of the E.C., find the prospect of losing income frightening. And in a country that currently does not have a sales tax, the E.C.'s proposed 15% value-added tax is not popular. But by joining the E.C., the Swiss stand to gain more than they would have by staying out in the cold.