Reflections on Swiss monetary policy

March 29, 2000
Club Economique Libéral, Neuchâtel

Download file now

The file can be downloaded with the button below.


Following a six-year phase of stagnation, 1997 saw the emergence of a distinct and broadly based recovery. This is the combined result of robust international economic activity, comprehensive restructuring efforts in numerous fields and a stimulating monetary policy of quite some duration. A further contributing factor was that the introduction of the euro did not cause any turbulence in the Swiss franc foreign exchange market. With economic prospects continuing to be favourable, the monetary policy course oriented to price stability had to be gradually adjusted already last autumn. In the meantime, Swiss franc money market rates are conspicuously higher than six months ago, and the differential to euro interest rates has narrowed. The Swiss franc/euro exchange rate has shown a slight reaction to this adjustment.

In an environment characterised by full employment the SNB's policy remains oriented to ensuring price stability in the long term. It is foreseeable that in the coming months the emphasis has to be on keeping the inflation risk within narrow bounds without however hindering the economy from utilising the bigger growth potential in the wake of the restructuring measures.

Additional files

Related content


  • Bruno Gehrig
    Member 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'.