The European Monetary Union first and foremost represents a clear challenge for all business enterprises active in our country. They will be faced with a currency-related acceleration in structural change. The location qualities offered by our country will have even greater significance for prosperity and employment. Viewed realistically, in the near future the monetary policy of the Swiss National Bank does not provide for an alternative to the current regime of floating with the option of reacting appropriately in the event of serious disruptions. There are strong indications that the Swiss economy will grow by 1-2% in the coming years, with domestic demand playing a decisive role. The development of foreign trade is fraught with uncertainties. The Swiss National Bank will continue to implement a moderately stimulating policy in order to limit the risks of undesirable economic weakening.