Regions and monetary policy

October 22, 2001
Opening ceremony for the academic year 2001/2002 at the Faculty of Law and Economics of the University of Neuchâtel, Neuchâtel

Download file now

The file can be downloaded with the button below.


In his speech Jean-Pierre Roth investigates the relationship between the regions and monetary policy. This relationship is primarily characterised by tension since regional conditions are divergent in nature whereas monetary conditions apply to the country in its entirety. This tension cannot be easily eliminated. To this end, Mr Roth examines and rejects various theoretically feasible scenarios including the creation of a regional currency, the use of the euro on a regional level, the fixing of various exchange rates and the application of a fixed exchange rate between the Swiss franc and the euro. Abstaining from fixing the exchange rate does not imply that the Swiss National Bank is indifferent to its development. By duly taking into account the development of exchange rates in laying down monetary policy, the Bank contributes, within its means, to dampening the adverse effects of exchange rate developments on certain regions. The latest monetary policy decisions are a clear example of this line of action.

Additional files

Related content


  • Jean-Pierre Roth
    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'.