SNB Bank Council President resists fundamental changes
Published: Friday, Apr 26th 2024, 10:20
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SNB President Barbara Janom Steiner rejects demands that "want to change our National Bank". Such demands - for example for an expansion of the Governing Board or for more diversity - would jeopardize stability.
"The requested changes come from the most diverse political and ideological directions, but they are almost always aimed at the tried and tested pillars," said the Chairwoman of the Bank Council of the Swiss National Bank (SNB), according to the text of her speech at the General Meeting on Friday in Bern.
Janom Steiner described these pillars as the SNB's independence and its narrowly defined legal mandate, i.e. the mandate to ensure price stability while taking economic developments into account.
Dangerous for the country
Specifically, for example, there are calls for the SNB Governing Board to be urgently expanded as it is too small, according to the Chairwoman. Sometimes the reasons given were skills or industry knowledge that the SNB allegedly lacked. Sometimes diversity concerns are behind the demands.
In some cases, possible changes to the SNB's governance would also be used as a pretext to undermine its independence and narrow mandate. In some cases, however, the SNB's independence and mandate would also be directly called into question. "These demands - or should I say attacks? - can be classified as anything from carefree frivolity to tangible vested interests. Both are dangerous for our country," said the President.
Would contradict order
Regardless of the respective justification, these claims would entail the risk that the Governing Board would be appointed according to political or ideological criteria or on the basis of particular interests, Janom Steiner said. However, this would clearly contradict the constitutional mandate that the SNB should conduct monetary policy in the interests of the country as a whole and not in the interests of individual groups or economic sectors.
The SNB does not turn a blind eye to criticism, but faces up to it. However, critics of the recent past have to put up with the question of whether they are trying to change something that doesn't need changing at all. "The National Bank works very well, and it fulfills its mandate excellently even in times of crisis! It is one of the leading central banks in the world in many areas," said the President, referring to the recent successes on the inflation front, for example.
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