Macro Week 2022: Thomas Jordan

2022-04-08

At this critical juncture for the global economy and monetary policy, the Peterson Institute for International Economics is convening central bankers and finance officials from around the world for our annual Macro Week—a series of speeches and onstage discussions moderated by PIIE President Adam S. Posen.

Thomas Jordan (Chairman, Swiss National Bank) speaks on April 19, 2022.

For more information, visit: https://www.piie.com/events/macro-week-2022

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2022-04-01

A new era of reference interest rates began at the start of this year. Libor, which had been the key reference rate for several decades and several currencies, including the Swiss franc, ceased to exist in many currencies at the end of 2021. SARON has now fully replaced Swiss franc Libor.

2022-03-22

The current account surplus in 2021 was CHF 69 billion, up CHF 49 billion on the previous year, which was heavily influenced by the coronavirus pandemic. The increase in the current account surplus was almost entirely due to the higher receipts surplus in goods trade (up CHF 45 billion). Here a significantly higher receipts surplus was recorded in both traditional goods trade (foreign trade total 1) and merchanting than in the previous year. Furthermore, there was a reduction in the expenses surplus in non-monetary gold trading.

2022-03-20

Der SNB-Chef wurde wegen seiner harten Anti-Inflations-Haltung gescholten, sagt Fabio Canetg, Journalist mit “Geldcast”-Sendung. Nun profitiere die Schweiz davon, weil hier die Preise mit plus 2 Prozent im Vergleich zum Euro-Raum und den USA moderat stiegen. Das wiederum ziehe Vermögen aus dem Ausland an, was den Franken stärke und die Inflation zusätzlich dämpfe.

2022-01-28

After consultation with the Swiss Financial Market Supervisory Authority (FINMA), the Swiss National Bank has submitted a proposal to the Federal Council requesting that the sectoral countercyclical capital buffer (CCyB) be reactivated. The buffer is to be set at 2.5% of risk-weighted exposures secured by residential property in Switzerland (cf. appendix).

2021-12-22

In the third quarter of 2021, the current account surplus amounted to CHF 24 billion, CHF 10 billion more than in the same quarter of 2020. The increase was mainly attributable to the significantly higher receipts surplus in goods trade. This surplus was due to traditional goods trade (foreign trade total 1), non-monetary gold trading, as well as to merchanting.

2021-12-17

The SNB is maintaining its expansionary monetary policy. It is thus ensuring price stability and supporting the Swiss economy in its recovery from the impact of the coronavirus pandemic. It is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%, and remains willing to intervene in the foreign exchange market as necessary, in order to counter upward pressure on the Swiss franc.

2021-12-09

Central bank digital currencies (CBDCs) can be used effectively for international settlements between financial institutions, as shown in the newest wholesale CBDC experiment concluded by the Swiss National Bank (SNB), the Banque de France (BdF) and the Bank for International Settlements (BIS).