Monetary Policy in a Global Context

October 8, 2003
Swiss-American Chamber of Commerce, Zurich


The Swiss-American friendship is an essential ingredient to the long-term vitality of the Swiss economy. With Paul Volcker’s paradigmatic shift of monetary policy in the United States in 1979, a long period of global disinflation was initiated. The dramatic increase in international competition during the last twenty years has also affected price levels markedly. In Switzerland, important segments of the economy have remained sheltered from international competition through a web of regulatory hurdles. Deregulation in these sectors would not only raise economic growth – something that is urgently needed in the effort to alleviate the growing stress on our social programs – but also render monetary policy more effective and provide it with more flexibility. The economic and monetary policy outlook for the United States and Switzerland at this moment is centred around the hope for a sustainable recovery in the U.S. and worldwide with only a gradual adjustment of the big global and intergenerational imbalances.

Download file now

The file can be downloaded with the button below.

Additional files

Related content


  • Philipp Hildebrand
    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'.