The period of economic stagnation in Switzerland has laid bare a number of structural problems. The difficulties in the economic environment and the continuing globalisation of the world economy pose considerable challenges for our country, and these also have political and social implications.

On the political front, more open external strategies are being pursued and new life has been injected into the domestic economic framework. Enterprises have been streamlined in order to stand the test in the worldwide competition for business locations.

Our proverbial pragmatism has so far preserved us from obstructing the interplay between the economy and society. The state will only succeed in creating the preconditions for prosperity and social security if the political and economic sectors cooperate in a responsible manner. The economy and competition are not ends in themselves but serve the interests of generally accepted objectives on which agreement must be reached. One of these objectives is protection from the economically and socially damaging erosion of money. This is where monetary policy makes a major contribution.