Impact of the global crisis on Switzerland
Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank
Schweizerisch-Deutscher Wirtschaftsclub, Frankfurt/Main, 02.03.2009
Complete text in German: "Globale Krise: Wie ist die Schweiz betroffen?"
What started as a financial crisis has now become a global economic crisis. Although the Swiss economy was in a very sound state before the crisis set in, Switzerland’s standing as a financial centre, its real economy and its public finances have all been strongly affected by the global turmoil. Recovery will depend largely on the development of the US economy. Despite having reached worldwide proportions by now, the crisis was not triggered by globalisation itself. Rather, it is the result of a lack of discipline in the industrialised nations. Monetary policy today must contribute to the stabilisation of the financial system and the real economy without losing sight of its principal task, which is to maintain price stability.