Politique monétaire - Le point de vue de la Suisse

November 23, 1998
Belgian Financial Forum, Brussels

Download file now

The file can be downloaded with the button below.


The world economy is currently very much in a state of transition. Not only do adverse developments need to be corrected, but in particular lessons must be drawn that are essential for achieving balanced and sustained economic development. Three main points must be emphasised:

It is not a question of beginning at the very beginning again. What needs to be done is to bring the objectives of economic and social action increasingly in line with human and factual reality. Reason, prudence and restraint are the signposts pointing the way.

While fully appreciating the ambitions to establish a division of labour on an international scale, due attention must be paid to the primary need of creating the necessary preconditions in individual countries. Only the interpenetration of sound economies can bring the desired advantages. The characteristics of a healthy economic policy are always the same: in the foreground are a stability-oriented monetary policy, a solid fiscal policy and an effective competition policy. It is in the interests of all concerned if assistance is given to the weaker partners by the stronger partners. Such assistance can, however, only be successful if it takes the form of help towards self-help.

Finally, we should constantly bear in mind that creating the preconditions for a balanced and sustained economic development is lastly also a social challenge. That is so because those who lay down the framework for economic activity are the same persons who face this challenge - a challenge that can only be met if a sufficiently large number of citizens contribute to creating the conditions for co-existence.

Additional files

Related content


  • Hans Meyer
    Chairman of the Governing Board

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'.