Within the European Union and European Economic Area, a driving licence from a Member State is always recognized remain valid until their expiry date. If the licence is valid indefinitely and the person has established residence in another Member State for at least two years, an administrative validity of 10 or 5 years since the issuance may apply.
If you established residence in another Member State and need to replace the licence for whatever reason (expired, lost, stolen, damaged) or your licence is suspended/revoked/seized, you will have to obtain one in your country of residence according to the local rules.
More information can found on the EU website (some links to national authorities are broken) and the responsible department's website in each country.
Switzerland has its own rules which require the exchange for a Swiss licence at latest one year after establishing residence, or immediately after establishing residence for driving certain professional vehicles; EU and EEA rules do not apply.