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The challenges of Swiss monetary policy

Swiss Bankers Day of the Swiss Bankers Association, Lugano, 14 September 2001, 14.09.2001

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At the beginning of his speech Jean-Pierre Roth describes the risks of the current economic situation and the monetary policy concept of the National Bank. In an environment of declining economic growth, characterised by the internationalisation of the markets and European currency integration, the National Bank conducts an autonomous monetary policy oriented to ensuring price stability in Switzerland; it places a high value on making its policy transparent.

Mr Roth goes on to describe the instruments which the National Bank employs for fulfilling its tasks and presents the innovations embodied in the revised National Bank Law. The National Bank is opposed to managing the proceeds from the sale of the surplus gold reserves in the long term since this would result in a conflict of interests. With the revision of the National Bank Law, additional responsibilities for monitoring the payment systems will be vested in the National Bank. It is even planned to entrust it with the task of monitoring the securities processing systems in future.