Inselwährung Franken - Optionen für die SNB

September 19, 1998
Jubiläumsveranstaltung 10 Jahre Wissenschaftliche Tagung des Wirtschaftswissenschaftlichen Zentrums (WWZ) der Universität Basel, Basel

Summary

Due to its economic integration with the EMU countries, Switzerland will be faced with a particular challenge when the euro is introduced. The exchange rate is a key factor for the open Swiss economy. Exchange rate fluctuations and a potential upward trend of the Swiss franc are two of the phenomena with which monetary policy - largely autonomous since 1973 - has had to contend. Inseparably linked with this are the Swiss interest rate bonus and the low average inflation rate in an international comparison.

What changes will the euro usher in? Can and should the established policy be continued? The answer is a twofold yes. The alternative - pegging the Swiss franc unilaterally to the euro - discussed in some quarters is no viable solution. The basic concept and the instruments of our monetary policy are not made obsolete by the introduction of the euro.

Switzerland's accession to the EMU is not regarded as a genuine option by the SNB. This step would follow if Switzerland were to join the EU, a decision which would have to be put to the vote and be passed by both the Swiss people and the cantons. The economic consequences of EU membership would first have to be carefully analysed and dicussed on a broad front.

There is no promising alternative to pursuing our own monetary policy course in the near future. Monetary policy can be implemented so as to take account of the necessary changes that will result from the introduction of the euro.

Download file now

The file can be downloaded with the button below.

Additional files

Related content

Author(s)

  • Bruno Gehrig
    Member of the Governing Board

Your settings

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.
Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB's internal purposes and are kept for two years.
Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB's website) will be activated which collect personal data, process these data, disclose them abroad - worldwide - and place cookies. The relevant data protection regulations are linked in the 'Privacy statement for the website of the Swiss National Bank'.

Choose your preferred settings:

This website uses cookies, analytics tools and other technologies to provide requested features, content and services, to personalise the content shown, to provide links to social media, and to analyse the use of the website in anonymised form for the purposes of improving usability. Personal data are also disclosed abroad - worldwide - to video service providers and the analytics tools of these providers are used. More information is available under 'Manage settings'.