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Advanced search INFORMATION ABOUT The SNB Monetary policy Monetary policy strategy Monetary policy for 2011 Reports on the monetary policy of earlier years 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Monetary policy instruments Monetary statistics Investment of assets Financial stability Payment transactions Banknotes and coins Statistics Publications International INFORMATION FOR	PDF Print Home / Information about / Monetary policy / Reports on the monetary policy of earlier years Monetary policy report 2001 Background Subsiding inflationary pressures – lowering of the interest rate target range in March Interest rate target range left unchanged at the monetary policy assessment in June Interest rate cuts following the terrorist attacks in the US Further reduction in the interest rate target range in December Short-term increase of repo rates within the target range No signs of a long-term rise in prices Expansion of monetary base due to rising demand for banknotes No signs of a long-term rise in prices The substantial reduction in short-term interest rates effected during 2001 was facilitated in that the growth rates of the monetary aggregates did not signal a threat to long-term price stability. The money stock M3, which – overall – had grown only marginally from 1997 to mid-1999, increased steadily during 2001, but growth remained moderate. In the fourth quarter, M3 exceeded the previous year’s level by 4.8% on average.