The Latest Central Banks Statements: Speeches, Interviews, Conferences, and Testimony.
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Bowman, Challenges to the Community Banking Model
Oct 11, 2024 | 10:10 amSpeech At the 18th Annual Community Bankers Symposium, Community Banking: Navigating a Changing Landscape, Chicago, Illinois
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Cook, Entrepreneurs, Innovation, and Participation
Oct 10, 2024 | 06:15 amSpeech At the 2024 Women for Women Summit, Charleston, South Carolina
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Meeting of 11-12 September 2024
Oct 10, 2024 | 04:30 am -
Jefferson, The Fed's Discount Window: 1990 to the Present
Oct 9, 2024 | 09:30 amSpeech At the Charlotte Economics Club, Charlotte, North Carolina
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Jefferson, A History of the Fed's Discount Window: 1913–2000
Oct 8, 2024 | 16:30 pmSpeech At Davidson College, Davidson, North Carolina
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Kugler, The Global Fight Against Inflation
Oct 8, 2024 | 00:00 amSpeech At the Conference on Monetary Policy 2024: Bridging Science and Practice, European Central Bank, Frankfurt, Germany
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Frank Elderson: Interview with Delo
Oct 7, 2024 | 23:00 pm -
Philip R. Lane: The transmission of monetary policy
Oct 7, 2024 | 00:45 am -
Piero Cipollone: Towards a digital capital markets union
Oct 7, 2024 | 00:00 am -
Frank Elderson: Sustainable finance: from “eureka!” to action
Oct 4, 2024 | 06:10 am -
Cross-checking − speech by Huw Pill
Oct 4, 2024 | 00:55 amGiven at the Institute of Chartered Accountants for England and Wales annual conference ‘Building an Economy Fit for the Future’, London
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Enhancing our national asset: Maximising the value of data collections across the financial sector − speech by James Benford
Oct 3, 2024 | 01:00 amGiven at RegTech Summit London
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Isabel Schnabel: Escaping stagnation: towards a stronger euro area
Oct 2, 2024 | 09:40 am -
Bowman, Building a Community Banking Framework for the Future
Oct 2, 2024 | 08:00 amSpeech At the 2024 Community Banking Research Conference, sponsored by the Federal Reserve System, the Conference of State Bank Supervisors, and the Federal Deposit Insurance Corporation, St. Louis, Missouri
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Innovation in Digital Assets in the Financial System and The Bank − by Sasha Mills
Oct 2, 2024 | 04:00 amGiven at Digital Assets Week
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Philip R. Lane: Expectations and Monetary Policy
Oct 2, 2024 | 02:30 am -
Luis de Guindos: Bridging the gap: reviving the euro area’s productivity growth through innovation, investment and integration
Oct 2, 2024 | 00:15 am -
Cook, Artificial Intelligence, Big Data, and the Path Ahead for Productivity
Oct 1, 2024 | 08:10 amSpeech At “Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work,” a conference organized by the Federal Reserve Banks of Atlanta, Boston, and Richmond, Atlanta, Georgia
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Luis de Guindos: Expectations surveys, central banks and the economy
Oct 1, 2024 | 00:00 am -
Powell, Economic Outlook
Sep 30, 2024 | 10:55 amSpeech At the National Association for Business Economics Annual Meeting, Nashville, Tennessee
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Christine Lagarde: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Sep 30, 2024 | 06:00 am -
Bowman, Recent Views on Monetary Policy and the Economic Outlook
Sep 30, 2024 | 05:50 amSpeech At the Georgia Bankers Association President/CEO Conference, Charleston, South Carolina
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Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
Sep 27, 2024 | 06:00 am -
Piero Cipollone: Monetary sovereignty in the digital age: the case for a digital euro
Sep 27, 2024 | 02:40 am -
ECB Consumer Expectations Survey results – August 2024
Sep 27, 2024 | 01:00 am -
Cook, What Will Artificial Intelligence Mean for America’s Workers?
Sep 26, 2024 | 15:00 pmSpeech At The Ohio State University, Columbus, Ohio
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Isabel Schnabel: The ECB’s monetary policy: towards price stability
Sep 26, 2024 | 09:00 am -
Barr, Supporting Market Resilience and Financial Stability
Sep 26, 2024 | 07:30 amSpeech At the 2024 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York, New York
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Christine Lagarde: Technology as a new frontier for macroprudential policy
Sep 26, 2024 | 06:30 am -
Powell, Opening Remarks
Sep 26, 2024 | 06:20 amSpeech At the 10th Annual U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York, New York (via prerecorded video)
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Bowman, Recent Views on Monetary Policy and the Economic Outlook
Sep 26, 2024 | 06:15 amSpeech At the Mid-Size Bank Coalition of America Board of Directors Workshop, Dallas, Texas
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Competing on a Global Stage − speech by Shoib Khan
Sep 26, 2024 | 01:30 amGiven at Bank of America Securities Annual Financials CEO Conference
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Kugler, How We Got Here: A Perspective on Inflation and the Labor Market
Sep 25, 2024 | 13:00 pmSpeech At the Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School, Cambridge, Massachusetts
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TRUSTED AI: Ethical, safe, and effective application of artificial intelligence at the Bank of England − speech by James Benford
Sep 25, 2024 | 05:15 amGiven at the Central Bank AI Conference
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Who’s buying? The outlook for consumption in a rate cutting cycle − speech by Megan Greene
Sep 25, 2024 | 01:00 amGiven at The North East Chambers of Commerce, Newcastle
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Bowman, Recent Views on Monetary Policy and the Economic Outlook
Sep 24, 2024 | 06:00 amSpeech At the 2024 Kentucky Bankers Association Annual Convention, Hot Springs, Virginia
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Regulatory Impact Statement: Biosecurity Act Amendment Bill
Sep 24, 2024 | 05:00 amLegislation: Biosecurity Act 1993Ministerial portfolio: BiosecurityDocument on Ministry for Primary Industries website at September 2024: Regulatory Impact Statement: Biosecurity Act Amendment BillAssessment: RIS adequacy assessed by authoring agency.
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Regulatory Impact Statement: Holidays Act reform - Further Policy Decisions
Sep 24, 2024 | 05:00 amLegislation: Holidays Act 2003Ministerial portfolio: Workplace Relations and SafetyDocument on Ministry of Business, Innovation and Employment website at September 2024: Regulatory Impact Statement: Holidays Act reform - Further Policy Decisions (links to PDF)Assessment: RIS adequacy assessed by authoring agency.
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Annex to Regulatory Impact Statement: Young serious offender declaration and military-style academies
Sep 24, 2024 | 05:00 amLegislation: Oranga Tamariki Act 1989Ministerial portfolio: ChildrenDocument on Oranga Tamariki-Ministry for Children website at September 2024: Annex to Regulatory Impact Statement: Young serious offender declaration and military-style academies (links to PDF)Assessment: RIS adequacy assessed by authoring agency.
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Strong and Simple – completing the picture - speech by David Bailey
Sep 20, 2024 | 01:30 amGiven at the Building Societies Association
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Policy spillovers when external shocks persist and domestic activity diverges - speech by Catherine L. Mann
Sep 20, 2024 | 01:00 amGiven at the Central Bank Research Association, National Bank of Poland and Bank of Lithuania 5th biennial conference ‘Macroeconomic adjustments after large global shocks’ in Vilnius, Lithuania
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Supplementary Analysis Report: Funding arrangements for Parliament
Sep 19, 2024 | 05:00 amLegislation: Parliament ActMinisterial portfolio: Leader of the HouseDocument on Parliamentary Service website at September 2024: Supplementary Analysis Report: Funding arrangements for ParliamentAssessment: RIS adequacy assessed by authoring agency.
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Regulatory Impact Statement: 2024 update to New Zealand Emissions Trading Scheme limits and price control settings for units
Sep 19, 2024 | 05:00 amLegislation: Climate Change Response Act 2002Ministerial portfolio: Climate ChangeDocument on Ministry for the Environment website at September 2024: Regulatory Impact Statement: 2024 update to New Zealand Emissions Trading Scheme limits and price control settings for units (links to PDF)Assessment: RIS adequacy assessed by authoring agency.
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Regulatory Impact Statement: Increasing annual vehicle license fees 2024
Sep 19, 2024 | 05:00 amLegislation: Land Transport Act 1998Ministerial portfolio: TransportDocument on Ministry of Transport website at September 2024: Regulatory Impact Statement: Increasing annual vehicle license fees 2024Assessment: RIS adequacy assessed by authoring agency.
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Stage 2 Cost Recovery Impact Statement: Immigration Fee and Levy Review
Sep 19, 2024 | 05:00 amLegislation: Immigration Act 2009Ministerial portfolio: ImmigrationDocument on Ministry of Business, Innovation and Employment website at September 2024: Stage 2 Cost Recovery Impact Statement: Immigration Fee and Levy Review (links to PDF)Assessment: RIS adequacy assessed by authoring agency.
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Regulatory Impact Statement: Disposals of trading stock at below market value
Sep 17, 2024 | 05:00 amLegislation: Income Tax Act 2007Ministerial portfolio: RevenueDocument on Inland Revenue website at September 2024: Regulatory Impact Statement: Disposals of trading stock at below market value (Links to PDF)Assessment: RIS adequacy assessed by authoring agency.
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Regulatory Impact Statement: Proposals for regulations for natural hazard information in land information memoranda
Sep 17, 2024 | 05:00 amLegislation: Local Government Official Information and Meetings ActMinisterial portfolio: Local GovernmentDocument on Department of Internal Affairs website at September 2024: Regulatory Impact Statement: Proposals for regulations for natural hazard information in land information memoranda (links to PDF)Assessment: RIS adequacy assessed by authoring agency.
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Interim Regulatory Impact Statement: Supporting shooting clubs and ranges
Sep 17, 2024 | 05:00 amLegislation: Arms Act 1983Ministerial portfolio: JusticeDocument on Ministry of Justice website at September 2024: Interim Regulatory Impact Statement: Supporting shooting clubs and ranges (Links to PDF)Assessment: RIS adequacy assessed by authoring agency.
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A balanced approach to finishing Basel 3.1 in the UK − speech by Phil Evans
Sep 11, 2024 | 23:00 pmGiven at UK Finance
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Financial stability at your service − speech by Sarah Breeden
Sep 10, 2024 | 04:00 amBased on remarks given at Wharton-IMF Transatlantic Dialogue, Washington DC
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Reflecting on recent times – speech by Andrew Bailey
Aug 23, 2024 | 08:00 amGiven at The Federal Reserve Bank of Kansas 2024 Economic Symposium, Jackson Hole, Wyoming
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Let’s get ready to repo! - speech by Victoria Saporta
Jul 22, 2024 | 04:30 amGiven at Association for Financial Markets in Europe (AFME), London
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Late call − speech by Nathanaël Benjamin
Jul 18, 2024 | 01:05 amGiven at Linklaters, hosted by the International Swaps and Derivatives Association
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Empower executive role model − speech by Afua Kyei
Jul 10, 2024 | 09:00 amGiven at the Google UK Headquarters, 6 Pancras Square, London
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Transformation and conjuncture − remarks by Huw Pill
Jul 10, 2024 | 06:30 amAsia House, London
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Solvency UK – time to build − speech by Gareth Truran
Jul 9, 2024 | 08:00 amGiven at Insurance Asset Risk Webinar
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A multi-tool for cross-border payments: the power of Legal Entity Identifiers − speech by Victoria Cleland
Jul 9, 2024 | 01:05 amGiven at the FSB-GLEIF-ROC Global LEI conference
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UK inflation: What's done and what's to come - speech by Jonathan Haskel
Jul 8, 2024 | 04:00 amGiven at King’s College London with the Economic Statistics Centre of Excellence (ESCoE)
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A data revolution: Built together, for everyone - speech by James Benford
Jul 8, 2024 | 03:00 amGiven at the FCA Data innovation for Future of Regulation (DiFoR) conference
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A rich vein or fool’s gold? Economic forecasts during large shocks − speech by Swati Dhingra
May 23, 2024 | 08:00 amGiven at ECONDAT on 10 May 2024
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The importance of central bank reserves by Andrew Bailey
May 21, 2024 | 10:00 amLecture in honour of Charles Goodhart, London School of Economics
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The UK’s Digital Securities Sandbox: supporting the next frontier of innovation− speech by Sasha Mills
May 21, 2024 | 05:10 amGiven at City Week 2024
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Balancing the productivity opportunities of financial technology and AI against the potential risks − speech by Randall S. Kroszner
May 21, 2024 | 01:20 amGiven at City Week 2024
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From NICE… to not so nice - speech by Ben Broadbent
May 20, 2024 | 02:00 amGiven at the Bank of England
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Cost of capital and UK business investment: Measurement challenges and research opportunities - slides by Catherine L. Mann
May 17, 2024 | 01:00 amEconomic Statistics Centre of Excellence Annual Conference at Alliance Manchester Business School
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Two puzzles: recent UK labour market dynamics − speech by Megan Greene
May 16, 2024 | 04:30 amGiven at Make UK
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Monsters in the deep? − speech by Jonathan Hall
May 7, 2024 | 05:30 amGiven at University of Exeter Business School
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Building operational resilience at the heart of the financial system − speech by Sasha Mills
Apr 30, 2024 | 05:00 amGiven at the London Institute of Banking and Finance
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Climate change, the macroeconomy and monetary policy - slides by James Talbot
Apr 25, 2024 | 08:30 amAnnual Dow Lecture given at the National Institute of Economic and Social Research
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What’s next? Bulk annuity insurers – Regulatory developments − speech by Lisa Leaman
Apr 25, 2024 | 01:30 amGiven at Westminster and City’s 21st Annual Conference on Bulk Annuities
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2024-04-08 - Thomas Jordan: Towards the future monetary system
Dec 31, 1969 | 16:00 pmCentral bank money and commercial bank money complement each other in the current monetary system. Central bank money comprises sight deposits of banks held at the central bank and banknotes, whereas commercial bank money comprises client deposits at banks. Payments between banks are settled in central bank money, thereby anchoring the value of commercial bank money. It is essential for a central bank to maintain this anchor role of central bank money in the monetary system, irrespective of future technological innovations. Distributed ledger technology and the tokenisation of assets promise to improve financial market infrastructures. For the SNB, this raises the question: How can transactions with tokenised assets be settled in central bank money? As part of a pilot known as Project Helvetia III, the SNB is issuing tokenised Swiss franc central bank money to financial institutions (wholesale central bank digital currency, or wholesale CBDC). The pilot is unique in making wholesale CBDC available for settling commercial transactions on the same third-party platform where the tokenised assets are held. The pilot transactions conducted so far have been successful, but important questions remain. Technological change also affects retail payments by individuals and businesses. The SNB has upgraded its payment system, so that retail payments can now be settled between bank accounts within seconds and around the clock. With the ongoing improvement of the payment system, the SNB currently sees no need in Switzerland for digital central bank money for the general public.
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2024-04-09 - Martin Schlegel: Interest rates and foreign exchange interventions: Achieving price stability in challenging times
Dec 31, 1969 | 16:00 pmFor decades, the exchange rate has played a key role for the Swiss economy and for the Swiss National Bank's monetary policy. However, it was only with the global financial crisis in 2008/2009 that the SNB started to intervene in the foreign exchange market on a large scale. Foreign exchange interventions were necessary to achieve the SNB's mandate of price stability. To maintain price stability, the SNB influences monetary conditions - primarily by setting the SNB policy rate as well as by intervening in the foreign exchange market if necessary. The SNB has used foreign exchange interventions both in phases of low and high inflation. It purchased foreign currency between 2009 and 2021 to counteract deflation risk when the policy rate was close to its effective lower bound. Without these purchases, inflation would have been even lower. When inflation surged after the coronavirus pandemic, the SNB sold foreign currency to tighten monetary policy. Foreign currency sales complemented policy rate hikes and dampened imported inflation in particular. This policy mix succeeded in bringing inflation back into the range of price stability. There are, however, side effects to foreign exchange interventions. The foreign currency purchases resulted in a significant expansion of the SNB's balance sheet, which in turn led to an increase in the volatility of its annual results. The SNB therefore needs to hold sufficient capital to bear potential losses.
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2024-04-18 - Antoine Martin / Thomas Moser: The implementation and transmission of the SNB's monetary policy during the recent tightening cycle
Dec 31, 1969 | 16:00 pmSince peaking at 3.5% in August 2022, inflation in Switzerland has fallen sharply and stood at 1.0% in March 2024. This speech discusses how the implementation and transmission of the Swiss National Bank's monetary policy contributed to this substantial decline in inflation. By implementing its policy rate effectively in the secured short-term Swiss franc money market and by ensuring broad transmission to all relevant financial market interest rates and Swiss franc exchange rates, the SNB was able to rapidly dampen inflation in Switzerland. As a complement to its interest rate policy, the SNB sold foreign exchange to counter inflationary pressures from abroad. While interest rate policy is the SNB's main lever for influencing monetary conditions, in a small open economy such as Switzerland, FX intervention has proved to be an effective additional instrument for creating monetary conditions that ensure price stability.
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2024-04-26 - Barbara Janom Steiner: A robust institutional framework as the foundation for success
Dec 31, 1969 | 16:00 pmThe SNB's mandate is to ensure price stability while taking due account of economic developments. Price stability is central to the functioning of the economy and to overall prosperity. It is therefore crucial for Switzerland that the SNB fulfil its statutory mandate. The SNB must also be accountable in this. The basis for the SNB's successful fulfilment of its mandate is the institutional framework within which it operates. This framework is comprised of its independence and its narrowly defined statutory mandate. The legislator granted the SNB independence from political influence and special interests so that it can also make difficult and unpopular decisions if necessary. Expanding the mandate to include objectives other than price stability would waste resources and inevitably lead to conflicts of interest. Recently, however, there has been a growing number of calls for the SNB to change. These demands for change come from a wide variety of political and ideological directions, but they almost always take aim at the tried-and-trusted pillars of our institution. The SNB does not shy away from criticism. On the contrary, it engages with it. But recent critics must ask themselves whether they are trying to change something that doesn't need to be changed. The SNB functions very well, and it fulfils its mandate excellently, even in times of crisis. Having said this, and despite its strong performance in recent years, the SNB is not standing still, but rather is continuously analysing its structures and processes and adapting these where necessary. For example, we recently increased the number of deputy members of the Governing Board. Demands that restrict a central bank's independence or weaken its institutional framework by diluting its mandate or making ill-considered changes to its organisational structure jeopardise price stability and, ultimately, social cohesion in our country. The SNB is very well positioned to fulfil its mandate successfully in the future. To ensure that this remains the case, it is important to stand up for the SNB's proven and stable institutional framework.
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2024-04-26 - Thomas Jordan: Price stability thanks to forward-looking monetary policy
Dec 31, 1969 | 16:00 pmIn recent years, the Swiss National Bank has had to ensure price stability in very different situations. It has succeeded in doing so by focusing on its mandate and through its monetary policy strategy. The years before the coronavirus pandemic were characterised by low inflation. The outbreak of the pandemic triggered a serious downturn in the global economy, and the Swiss franc as a safe haven once more came under strong appreciation pressure. In this phase, the SNB fulfilled its mandate by using negative interest and extensive purchases of foreign exchange to counter the threat of deflation. After years when it had been exceptionally low, inflation suddenly returned with all its might across the world as the pandemic subsided. Supply that had been reduced by containment measures and disrupted supply chains met with demand heightened by catch-up effects. The war in Ukraine also saw energy prices shoot up, giving further impetus to inflation. The SNB tightened its monetary policy early by international comparison. Already in the second half of 2021, it deliberately allowed the Swiss franc to appreciate by being restrained in its purchases of foreign currency. After the first quarter of 2022, the SNB refrained from foreign currency purchases, and from the middle of the year tightened its monetary policy both by raising the SNB policy rate in several steps and by selling foreign currency. Thanks also to the early monetary policy tightening, inflation in Switzerland was at all times significantly lower than in many other countries, and has been back in the range consistent with price stability since mid-2023. Without its forward-looking monetary policy, the SNB would have had to raise its policy rate much more strongly at a later stage, with potentially negative consequences for the economy and the labour market. The successful fight against inflation also allowed the SNB to ease its monetary policy in March 2024, which at the same time supported economic activity. Although its approach has proven its worth in a wide variety of situations, the SNB will always critically examine its own assessments, and will endeavour to identify changes in conditions as early as possible and analyse their impact. It is thus well equipped to continue ensuring price stability in Switzerland in the future.
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2024-05-06 - Thomas Jordan: Project Helvetia III - The SNB's pilot for wholesale CBDC
Dec 31, 1969 | 16:00 pm -
2024-05-30 - Thomas Jordan: The natural rate of interest (r*) as a reference point for monetary policy - a practitioner's view
Dec 31, 1969 | 16:00 pmOver the past years, the natural rate of interest (r*) - defined as the real interest rate consistent with stable inflation in an economy operating at full capacity in the medium term - has become an important reference point for monetary policy. The difference between the real interest rate and r* gives a measure of a central bank's monetary policy stance. Monetary policy is restrictive if the real interest rate is above r* and it is expansionary if it is below r*. Therefore, evaluating where the real interest rate is relative to r* helps to structure discussions about monetary policy options. However, r* is unobserved and has to be estimated from the data. These estimates are subject to considerable uncertainty, which complicates their use in the monetary policy process. Nevertheless, neglecting r* estimates in practical monetary policy considerations would be a mistake. Given the uncertainty surrounding r* estimates, it is an important task of our economists to form a robust view on r*. They derive this view from a portfolio of different models and cross-check the results against a broader set of indicators to arrive at a measure of r* that is useful for monetary policymaking. This measure plays an important role in our monetary policy decisions. First, it is an important element in assessing monetary conditions. However, other factors - such as real exchange rates - also play an important part in this assessment at the SNB. Second, the deviation of the real interest rate from r* is essential for our inflation forecast and thus for gauging medium-term inflationary pressure. Uncertainty surrounding r* estimates can be narrowed down to some extent, but it cannot be eliminated. Our risk management approach to monetary policymaking acknowledges the uncertainty and prescribes that policy decisions be appropriate for a range of scenarios. Ultimately, our decisions are guided by our mandate of ensuring price stability.
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2024-06-20 - Thomas Jordan / Martin Schlegel / Antoine Martin: Introductory remarks, news conference
Dec 31, 1969 | 16:00 pm -
2024-09-26 - Thomas Jordan / Martin Schlegel / Antoine Martin: Introductory remarks, news conference
Dec 31, 1969 | 16:00 pm -
2024-10-03 - Martin Schlegel: Eighth Karl Brunner Distinguished Lecture - Introduction of Kristin J. Forbes
Dec 31, 1969 | 16:00 pm