The recent levelling-off of economic activity in Switzerland is not an early sign of another phase of economic stagnation. The fact that growth has been slow for a year now is due to a general deterioration in international economic development following the crisis in the newly industrialised countries. The normalisation of the situation on the financial markets and the prospect of an economic upturn in Europe will soon lead the Swiss economy on to a steeper growth path.

The SNB's policy of maintaining a stable monetary policy, which it has pursued during the last years, was aimed at creating better monetary conditions for the stimulation of the Swiss economy. Today's optimal prerequisites will enable our companies to profit considerably from the expected worldwide economic expansion.