SNB’s Monetary Policy: A Discussion on Stability, Special Interests and Politics

The General Meeting (AGM) of the Swiss National Bank (SNB) drew a lot of attention as attendees expressed their opinions on what changes the bank should make. However, Bank Council President Barbara Janom Steiner took a different approach by criticizing these suggestions and accusing the critics of being reckless and irresponsible.

During the AGM, it was announced that the three-member Board of Directors, led by President Thomas Jordan, is responsible for the SNB’s monetary policy. The Board of Directors, known as the Bankrat, includes Barbara Janom Steiner. Jordan emphasized how the National Bank has successfully maintained price stability while considering the economy and emphasized the importance of its independence.

Janom Steiner countered critics by highlighting the dangers of pushing for changes that could jeopardize the SNB’s stability. She emphasized that the National Bank must conduct monetary policy in line with its mandate and not stray into climate or social policy areas as specified by federal law.

At the AGM, climate activists protested for a more activist investment policy from the SNB. However, Janom Steiner rejected these demands, stating that the bank’s success lies in its focused mandate and emphasis on stability over political or special interests.

Despite criticism, National Bank President Jordan encouraged open discourse on monetary policy responses and a willingness to question their assessments. As he prepares to resign at the end of September, there will be a generational change in