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Home / Information about / Monetary policy / Reports on the monetary policy of earlier years
Monetary policy report 2003-2006
1. Background
2. Lowering of the target range in March
3. Monetary conditions relaxed due to weakening of the Swiss franc
4. No further adjustments to the target range until year-end
5. Inflation forecast signals interest rate rise in the medium term
6. Strong money supply growth
7. Adhering to an expansionary monetary policy despite a strong increase in money supply growth
8. Graphs
7. Adhering to an expansionary monetary policy despite a strong increase in money supply growth
The National Bank held the view that monetary policy only needs to be tightened once the economic upswing is certain. Given the unused production capacities, a pickup in demand does not immediately put upward pressure on prices, leaving sufficient time to adjust monetary policy.