Ten years of experience in steering interest rates: Assessment of the SNB’s monetary policy strategy

Jean-Pierre Roth, Chairman of the Governing Board

University of Fribourg, 20.11.2009

The Swiss National Bank’s monetary policy strategy has proved successful over the ten years since its introduction. Throughout this period, the SNB fulfilled its mandate of ensuring price stability while taking into account economic developments. The inflation forecasts, produced quarterly on the basis of various indicators, have proved especially useful. It has always been possible to successfully manage the Libor – the operational objective of the SNB’s monetary policy – despite an international environment which, at times, has been extremely turbulent. The Libor was maintained within a range intended to provide the best-possible conditions for a favourable development of the Swiss economy.