The economic situation – la vie en rose?

Jean-Pierre Roth, Chairman of the Governing Board

Meeting with representatives of Ticino industry, Centro di studi bancari, Vezia, 28.11.2006

It is true that our exports continue to benefit from a buoyant global economy, that areas of concern such as the volatility of oil prices or the possibility of a significant and lasting downturn in the US economy have partially receded, and that the current economic recovery has led to an improvement in the labour market without endangering price stability. Is this la vie en rose (living life through rose-tinted spectacles)?

A brief outline of the situation in the national and international economies is given, indicating that the overall perspective remains favourable. It concludes with a concise evaluation of the risks, showing that the current euphoria may conceal significant risks that we must not lose sight of.