The SNB’s supervisory and executive bodies
Learn all about the function and composition of the SNB’s Governing Board, Enlarged Governing Board and Bank Council here.
The SNB’s Governing Board
The Governing Board is the SNB's highest management and executive body. Its three members are appointed for a six-year term by the Federal Council on the recommendation of the Bank Council. The Governing Board is responsible, in particular, for monetary policy, asset management strategy, contributing to the stability of the financial system, and international monetary cooperation.
Martin Schlegel, born in 1976, graduated in economics from the University of Zurich in 2003, and thereafter joined the Research unit at the SNB. From 2004 to 2009, he worked as an economist in the Financial Market Analysis and Money Market units. He received his doctorate in economics from the University of Basel in 2009.
In the same year, Martin Schlegel took over as head of the SNB's Foreign Exchange and Gold unit. In 2016, he was appointed head of the SNB's branch office in Singapore. From 2011 to 2018, he was a member of the Investment Committee at the SNB. From 2010 to 2022, Martin Schlegel lectured in applied monetary policy at the University of Basel. From 2015 to 2016, he served as an expert on projects for the International Monetary Fund.
The Swiss Federal Council appointed Martin Schlegel as Alternate Member of the Governing Board with effect from 1 September 2018. In this function he acted as deputy to the Head of Department I in Zurich. With effect from 1 August 2022, Martin Schlegel was appointed as Vice Chairman of the Governing Board and took on the role of Head of Department II (Financial Stability, Cash, Risk Management, Accounting, Controlling, Operational Risk and Security) in Berne. The Federal Council appointed Martin Schlegel as Chairman of the Governing Board with effect from 1 October 2024. He then took on the role of Head of Department I (Secretariat General, Economic Affairs, International Monetary Cooperation, Statistics, Communications, Legal Services, Compliance, Internal Audit, Human Resources, Premises and Technical Services) in Zurich.
Martin Schlegel is a member of the Executive Committee of the KOF Swiss Economic Institute at ETH Zurich, a member of the Executive Board of the Schweizerische Gesellschaft für Konjunkturforschung (SGK), and the president of the Foundation Council of the Study Center Gerzensee.
Relevant affiliations since taking up office in 2022
None
Antoine Martin, born in 1969, graduated in economics from the University of Lausanne and received his Ph.D. from the University of Minnesota. He began his career with the Federal Reserve Bank of Kansas City in 2001. Four years later he moved to the Federal Reserve Bank of New York, where he went on to hold various leadership positions, for example in the Research and Statistics Group and the Money and Payments Studies Function. He held leadership positions as Senior Vice President from 2016 to 2022, and as Financial Research Advisor on Financial Stability Policy Research from 2022 to 2023.
The Swiss Federal Council appointed Antoine Martin as Member of the Governing Board of the Swiss National Bank with effect from 1 January 2024. He took on the role of Head of Department III (Money Market and Foreign Exchange, Asset Management, Banking Operations and Information Technology, as well as the Singapore branch office) in Zurich. With effect from 1 October 2024, the Federal Council appointed Antoine Martin as Vice Chairman of the Governing Board and he took on the role of Head of Department II (Financial Stability, Cash, Risk Management, Accounting, Controlling, Operational Risk and Security) in Berne.
Relevant affiliations since taking up office in 2024
None
Petra Tschudin, born in 1975, obtained a Doctorate in Economics at the University of Basel in 2002. After assignments abroad, she joined the SNB's research department as an economist in 2004. From 2005 to 2009, she also held a lectureship in applied monetary policy at the University of Basel, where she completed her post-doctoral studies (Habilitation) in 2007. Between 2009 and 2011, Petra Tschudin worked as an economist at the Bank for International Settlements. From 2011 to 2014, she conducted research in Dublin as an Associate Research Professor at the Economic and Social Research Institute, and taught at Trinity College. Having returned to the SNB and held various positions, Petra Tschudin was appointed Head of the Monetary Policy Analysis unit in 2017. Monetary Policy Analysis assesses the impact of monetary policy and researches monetary policy issues. In 2021, she became Deputy Head of the SNB's Economic Affairs division.
The Swiss Federal Council appointed Petra Tschudin Alternate Member of the Governing Board with effect from 1 August 2022. Having initially served in this role in Department I in Zurich, on 1 September 2024 she moved to take up the same position in Department III. With effect from 1 October 2024, the Swiss Federal Council appointed Petra Tschudin as the new Member of the Governing Board of the Swiss National Bank, and thereby also Head of Department III (Money Market and Foreign Exchange, Asset Management, Banking Operations and Information Technology, as well as the Singapore branch office) in Zurich.
Relevant affiliations since taking up office in 2024
None
Short biographies
Enlarged Governing Board
The Enlarged Governing Board is made up of the three Governing Board members and their deputies. It issues the strategic guidelines for the SNB's business operations. The Board of Deputies is responsible for the planning and implementation of the strategic guidelines for the SNB's business operations. It ensures coordination in all operational matters of interdepartmental importance.
Rosmarie Schlup, born in 1977, obtained a Master of Arts in International Relations from the Geneva Graduate Institute in 2001 and a Master of Science in International Political Economy from the London School of Economics in 2008. In 2009, she joined the Export and Location Promotion section of the State Secretariat for Economic Affairs (SECO) as head of delegation of the Paris Club, and subsequently took on the role of deputy head of section. In 2011, she was appointed deputy head of SECO’s Macroeconomic Support division. From 2015 to 2016, she worked as a senior technical assistance officer at the International Monetary Fund in Washington. She then headed the Macroeconomic Support division at SECO from 2016 to 2022. In 2022, the Federal Council appointed Rosmarie Schlup as Switzerland’s Director at the European Bank for Reconstruction and Development in London, and at the same time conferred on her the title of ambassador.
With effect from 1 September 2024, Rosmarie Schlup was appointed by the Federal Council as Alternate Member of the SNB’s Governing Board. She performs this function in Department I in Zurich, where she is responsible for the operational management of the International Monetary Cooperation, Secretariat General, Legal Services, Internal Audit, Compliance, and Premises and Technical Services divisions.
Relevant affiliations since taking up office in 2024
None
Attilio Zanetti, born in 1969, studied economics at the University of Fribourg and completed his doctorate in 2001. In 1994, he joined the Swiss National Bank's Economic Affairs division. From 2002 to 2008, he was Head of the Economic Analysis Switzerland team within the Economic Analysis unit. In 2008, he was appointed Head of the Economic Analysis unit. From 2010, he also took over the leadership of the SNB's delegates for regional economic relations. In addition to these responsibilities, Attilio Zanetti held lectureships in macroeconomics and monetary policy at the University of Basel between 2008 and 2019. As a Visiting Scholar, he also spent time at the Federal Reserve Bank of San Francisco and the International Monetary Fund. In 2020, Attilio Zanetti was appointed Head of the SNB's International Monetary Cooperation division. The International Monetary Cooperation division is responsible for managing cooperation with other central banks as well as multilateral institutions and authorities.
With effect from 1 August 2022, Attilio Zanetti was appointed by the Federal Council as Alternate Member of the SNB’s Governing Board. He performs this function in Department I in Zurich, where he is responsible for the operational management of the Economic Affairs, Statistics, Communications, and Human Resources divisions.
Relevant affiliations since taking up office in 2022
None
Sébastien Kraenzlin, born in 1979, studied economics at the University of St. Gallen (HSG). He worked for Credit Suisse Economic Research from 2004 to 2006 and joined the Swiss National Bank in January 2007. In the same year, he obtained his Doctorate in Economics at the University of Basel, where he has been lecturing on Applied Monetary Policy since 2010. After working abroad at the Bank of England from 2012 to 2015, he returned to head the Money Market unit, which was responsible for the implementation of monetary policy. From 2016 to 2024, he led the Banking Operations division. In this role, his responsibilities included strategic initiatives in the area of Swiss financial market infrastructure (e.g. upgrading money market infrastructure and introducing 'instant payments'). At the same time he managed the SNB's innovation projects in the field of distributed ledger technology in collaboration with the Innovation Hub of the Bank for International Settlements (BIS), and represented the SNB on the Board of Directors of SIX Interbank Clearing Ltd, on various strategic committees at SIX Group and on the Committee on Payments and Market Infrastructures at the BIS. In 2021, he was appointed professor of monetary economics and financial market infrastructure at the University of Basel.
With effect from 1 April 2024, the Federal Council appointed Sébastien Kraenzlin to the position of Alternate Member of the Governing Board. In this function he acts as deputy to the head of Department II (Financial Stability, Cash, Risk Management, Accounting, Controlling, and Operational Risk and Security) based in Berne.
Relevant affiliations since taking up office in 2024
None
Thomas Moser, born in 1967, concluded his university studies in 1997 with a Doctorate in Economics from the University of Zurich. From 1994 to 1996, he was employed as a teaching and research assistant at the University of Zurich's Institute for Empirical Research in Economics, and from 1996 to 1999, as an economist at the KOF Swiss Economic Institute at ETH Zurich.
In 1999, he joined the SNB as a senior economist in the International Monetary Relations unit. He was in Washington from 2001 to 2004, working first as Advisor to the Swiss Executive Director at the International Monetary Fund (IMF) and then, from 2002, as Senior Advisor. After returning to Switzerland in 2004, he took up a position as Assistant Director and Deputy Head of the International Research and Technical Assistance unit at the SNB in Zurich. From 2006 to 2009, Thomas Moser returned to Washington, where he served as Swiss Executive Director at the IMF.
The Swiss Federal Council appointed Thomas Moser Alternate Member of the Governing Board with effect from the beginning of 2010. Having initially served in this role in Department I in Zurich, on 1 September 2018 he moved to take up the same position in Department III, where he is responsible for the operational management of the Money Market and Foreign Exchange, Asset Management, Banking Operations, and Information Technology divisions, as well as for the Singapore branch office.
Thomas Moser is a member of the Managing Committee of the Swiss Institute of Banking and Finance at the University of St. Gallen and a visiting professor at the Faculty of Economics and Management at the University of Lucerne.
The SNB’s Bank Council
The Bank Council oversees and monitors the conduct of business by the SNB. The term of office of the Bank Council members is four years, and the maximum tenure may not exceed twelve years.
The composition of the Bank Council
The Federal Department of Finance (FDF) and the Swiss National Bank (SNB) have a Memorandum of Understanding (MoU) on the set of principles governing membership of the SNB Bank Council. The aim of the MoU is to ensure that the specialised abilities and qualities that are important for the SNB are maintained in the Bank Council at all times.
Bank Council committees
Membership of the Bank Council committees is determined by the Bank Council for the period of a year.