The Swiss Times - Swiss News in English

SVP with “blind faith” in Jordan – SP against “hereditary monarchy”

Updated at 01 Mar 2024 2:40 pm

The SVP has reacted with regret to the resignation of Swiss National Bank Chairman Thomas Jordan. It said he had "enjoyed almost blind trust". The SP criticized the "hereditary monarchy" at the Swiss National Bank (SNB). The Federal Council thanked Jordan.

The national government would like to thank him for his "commitment over all these years", Federal Council spokesperson André Simonazzi told the media in Bern on Friday. The Federal Council will decide on the successor in due course. It would make the decision "as always" in the knowledge of a proposal from the SNB's Bank Council.

The SVP would like to see a similar personality to Jordan as his successor, as parliamentary group leader Thomas Aeschi told the Keystone-SDA news agency in response to an inquiry. The National Councillor from Zug and Chairman of the National Council's Economic Committee stated: "He was a guarantor of the SNB's stability."

Time for a woman

The SP called for an end to the "hereditary monarchy" at the SNB. Jordan had virtually appointed his successor Martin Schlegel himself, and the current Vice-Chairman was likely to succeed him. It was actually time for a woman and an enlarged Governing Board.

The party demanded that the successor ensure that the National Bank once again makes its distributions in accordance with the constitution. The Federal Constitution assigns it two clear tasks: A monetary policy in the interests of the country as a whole, and the distribution of two thirds of its profits to the cantons.

Since the end of negative interest rates, however, it has transferred over eight billion francs in interest to the banks, while the Confederation and the cantons have been left empty-handed due to the SNB's "arbitrary accounting practices".

Price stability guaranteed

Jordan has done a solid job, the Green Liberals praised him. He had shown a steady hand in turbulent times - price stability was guaranteed.

The party expected the next president to take the same stance. In addition, the new president should take better account of climate risks in the investment strategy. The CS crisis also needs to be addressed.

For Economisuisse, Jordan was more or less able to guarantee price stability, as Rudolf Minsch, the chief economist of the economic umbrella organization, wrote. The SNB had maneuvered prudently through difficult waters.

Jordan had firmly rejected demands that the SNB should be put under the control of politicians. This must also apply under the new SNB presidency.

The three-member Governing Board of the SNB consists of the President and two Vice-Presidents. It is appointed by the Federal Council on the recommendation of the SNB Bank Council.

©Keystone/SDA

Most Read

Huge Rain Falls in Certain Regions of Ticino

1 April 2024
Over 200 litres of rain and snow per square meter inundated Ticino and neighbouring areas during the Easter weekend.

Sunday, March 31 – Weekend Round-Up

31 March 2024
The top Swiss municipalities for cost of living, Switzerland's diplomatic approach on international issues, and the healthcare sector's challenges.

The Park Hyatt Zurich Has Been Sold

4 April 2024
Trinity Investments, Oaktree Capital Management, and UBS Asset Management acquire Park Hyatt Zurich.

Swiss Francs Will Lose Value Against The Euro This Year – BOA Analysis Claims

1 April 2024
US banks foresee the Swiss Franc reaching parity with the Euro this year, with further appreciation expected by 2025.

Stay in Touch!

Noteworthy

Barry Callebaut Beats Market Trends with Sales Increase
10 April 2024
Zug Leads Swiss Purchasing Power: GfK Study Insights
9 April 2024