Euro, schweizerische Geldpolitik und Zinssätze

May 12, 1998
Conference "Euro und Kapitalmärkte", organised by Management Circle, Zurich


The speech addresses three questions arising from the introduction of the euro that greatly concern the Swiss public. First, there is widespread fear that the completion of European Monetary Union will cause the Swiss franc to appreciate and will thus undermine the competitive position of Swiss exporters. However, these fears are exaggerated because the doubts about the stability of the euro, harboured by many investors, have already been incorporated a long time ago in the exchange rates of the Swiss Franc against the European currencies. Second, the speech shows how the Swiss National Bank can counteract undesirable movements in the Swiss franc exchange rate. Finally, it deals with the interest rate differential between Swiss franc and other European assets. According to the author, the often expressed concern that after the switch to the euro, Swiss interest rates will rise to or at least approach their European equivalents is hardly justified. These concerns derive from questionable explanations for the existence of the interest rate differential. The speech provides a new - and hopefully better - explanation.

Download file now

The file can be downloaded with the button below.

Additional files

Related content


  • Georg Rich
    Chief economist at Swiss National Bank

Your settings

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.
Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB's internal purposes and are kept for two years.
Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB's website) will be activated which collect personal data, process these data, disclose them abroad - worldwide - and place cookies. The relevant data protection regulations are linked in the 'Privacy statement for the website of the Swiss National Bank'.

Choose your preferred settings:

This website uses cookies, analytics tools and other technologies to provide requested features, content and services, to personalise the content shown, to provide links to social media, and to analyse the use of the website in anonymised form for the purposes of improving usability. Personal data are also disclosed abroad - worldwide - to video service providers and the analytics tools of these providers are used. More information is available under 'Manage settings'.