From November 1, 2008 (the date the Schengen association agreement is scheduled to become effective), Switzerland will be in a position to issue visas that are accepted by other Schengen member states and authorize its holders to enter theses states's territory. However, visas issued by Switzerland before November 11, 2008, do not authorize their holders to enter any other state than Switzerland.
Source :
http://www.bfm.admin.ch/bfm/en/home/.../einreise.html