The trade policy situation at present is creating high uncertainty for all the countries affected – Switzerland included. The SNB must fulfil its monetary policy mandate also in times of uncertainty and change. That is to say, it must ensure price stability while taking due account of economic developments.

Stable and favourable framework conditions – which include price stability – are more important now than ever before. Price stability is a key prerequisite for growth and prosperity in Switzerland. Stable prices provide planning security, and thus make purchasing and investment decisions easier. They benefit all, but in particular offer protection to lower-income households, which are most exposed to losses in purchasing power resulting from inflation.

The SNB’s monetary policy strategy provides the framework for the implementation of its monetary policy mandate. Among other things, it defines what the SNB understands by price stability, and which instruments it uses to ensure appropriate monetary policy conditions, and thus price stability. An effective and robust monetary policy requires the SNB to act decisively and adapt to new situations and changes. This is the only way to ensure that it can fulfil its mandate, also in difficult circumstances.