National Bank President defends narrow focus on price stability
Published: Thursday, Jan 18th 2024, 14:00
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At the World Economic Forum (WEF), Swiss National Bank President Thomas Jordan argued for a narrowly defined mandate for central banks. Only this would justify the independence of central banks. In his opinion, they should not also pursue climate policy.
Jordan once again rejected this idea at a round table discussion on the future of monetary policy in Davos GR on Thursday. The focus must be on price stability, he said. This is the only way to justify the independence of the institutions.
The SNB does not even have the instruments to implement climate policy, Jordan continued. Parliament and the government would have to take the necessary measures and create the framework for this.
"The narrow mandate is the best we have," said Jordan about the most important instruments for future challenges in economic and monetary policy. The national banks must also look ahead and constantly adjust their forecasts. A risk-based approach is needed.
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