https://www.snb.ch/en/news-publications/speeches Swiss National Bank (SNB): Recent speeches SNB 2026-10-09T19:20:02Z Copyright © Swiss National Bank, Zurich (Switzerland) 2026 2026-10-09T19:20:02Z https://www.snb.ch/en/srv/disclaimer https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261001_msl https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261001_msl Tenth Karl Brunner Distinguished Lecture - Introduction of Mario Draghi 2026-10-01T15:30:00Z SNB Tenth Karl Brunner Distinguished Lecture - Introduction of Mario Draghi https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261001_msl Martin Schlegel Chairman of the Governing Board Tenth Karl Brunner Distinguished Lecture, Zurich 2026-10-01T15:30:00Z en https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20260924_mslanmargpe Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. We are also willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions. Inflation has risen further since June, primarily due to higher energy prices. Medium-term inflationary pressure has increased only slightly. Our monetary policy is appropriate to keep inflation within the range consistent with price stability and supports economic development. https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20260924_mslanmargpe Introductory remarks, news conference 2026-09-24T08:00:00Z SNB Introductory remarks, news conference https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20260924_mslanmargpe Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. We are also willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions. Inflation has risen further since June, primarily due to higher energy prices. Medium-term inflationary pressure has increased only slightly. Our monetary policy is appropriate to keep inflation within the range consistent with price stability and supports economic development. Martin Schlegel / Antoine Martin / Petra Tschudin Chairman of the Governing Board / Vice Chairman of the Governing Board / Member of the Governing Board News conference of the Swiss National Bank, Berne 2026-09-24T08:00:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260826_anmar The SNB’s core mandate is to ensure price stability. Alongside this, it is also tasked with contributing to the stability of the financial system. With this hierarchy, the legislator gives precedence to price stability over the SNB’s role in financial stability.  Monetary policy and financial stability interact with each other. A stable financial system is essential to achieving macroeconomic stability. Furthermore, a well-functioning banking sector is important for the effective transmission of monetary policy. At the same time, price stability provides an important foundation for financial stability. Nonetheless, price stability does not preclude the build-up of financial vulnerabilities.  Because the monetary policy actions required to achieve price stability do not always ensure financial stability, dedicated macroprudential tools are needed as a complement. This is even more important since the SNB does not lean against the wind. In Switzerland, the countercyclical capital buffer constitutes such an instrument.  Three recent examples illustrate the interaction:  The crisis at Credit Suisse showed that financial stability is a precondition for price stability and illustrated how important sufficient buffers are for ensuring smooth monetary policy transmission.  The phase of globally low interest rates from 2009 until 2021 highlighted how vulnerabilities can emerge and how the SNB addressed them with macroprudential tools.   The monetary policy tightening cycle from 2022 until 2023 demonstrated that the measures required from a monetary policy perspective aligned with those required from a financial stability perspective.  The interaction of monetary policy and financial stability underscores the importance of a resilient financial system. It also highlights the need for the ability to strengthen resilience in the system in a targeted manner when vulnerabilities are building up. Banks can and will lend only if they have sufficient capital. A sound macroprudential policy can ensure just that. https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260826_anmar Monetary policy and financial stability at the SNB: the role of macroprudential tools 2026-08-26T16:15:00Z SNB Monetary policy and financial stability at the SNB: the role of macroprudential tools https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260826_anmar The SNB’s core mandate is to ensure price stability. Alongside this, it is also tasked with contributing to the stability of the financial system. With this hierarchy, the legislator gives precedence to price stability over the SNB’s role in financial stability.  Monetary policy and financial stability interact with each other. A stable financial system is essential to achieving macroeconomic stability. Furthermore, a well-functioning banking sector is important for the effective transmission of monetary policy. At the same time, price stability provides an important foundation for financial stability. Nonetheless, price stability does not preclude the build-up of financial vulnerabilities.  Because the monetary policy actions required to achieve price stability do not always ensure financial stability, dedicated macroprudential tools are needed as a complement. This is even more important since the SNB does not lean against the wind. In Switzerland, the countercyclical capital buffer constitutes such an instrument.  Three recent examples illustrate the interaction:  The crisis at Credit Suisse showed that financial stability is a precondition for price stability and illustrated how important sufficient buffers are for ensuring smooth monetary policy transmission.  The phase of globally low interest rates from 2009 until 2021 highlighted how vulnerabilities can emerge and how the SNB addressed them with macroprudential tools.   The monetary policy tightening cycle from 2022 until 2023 demonstrated that the measures required from a monetary policy perspective aligned with those required from a financial stability perspective.  The interaction of monetary policy and financial stability underscores the importance of a resilient financial system. It also highlights the need for the ability to strengthen resilience in the system in a targeted manner when vulnerabilities are building up. Banks can and will lend only if they have sufficient capital. A sound macroprudential policy can ensure just that. Antoine Martin Vice Chairman of the Governing Board University of Basel, Basel 2026-08-26T16:15:00Z en https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20260618_mslanmargpe Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. If necessary, we have an increased willingness to intervene in the foreign exchange market. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Inflation has risen in recent months as a result of higher energy prices. Medium-term inflationary pressure, however, is virtually unchanged compared with the last monetary policy assessment. Our monetary policy is appropriate to keep inflation within the range consistent with price stability and it supports economic development. We will continue to monitor the situation and adjust our monetary policy if necessary, in order to ensure price stability. https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20260618_mslanmargpe Introductory remarks, news conference 2026-06-18T08:00:00Z SNB Introductory remarks, news conference https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20260618_mslanmargpe Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. If necessary, we have an increased willingness to intervene in the foreign exchange market. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Inflation has risen in recent months as a result of higher energy prices. Medium-term inflationary pressure, however, is virtually unchanged compared with the last monetary policy assessment. Our monetary policy is appropriate to keep inflation within the range consistent with price stability and it supports economic development. We will continue to monitor the situation and adjust our monetary policy if necessary, in order to ensure price stability. Martin Schlegel / Antoine Martin / Petra Tschudin Chairman of the Governing Board / Vice Chairman of the Governing Board / Member of the Governing Board News conference of the Swiss National Bank, Berne 2026-06-18T08:00:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260424_jsb The SNB is institutionally sound and on a solid footing. Its unique legal form, that of a special-statute joint-stock company administered with the participation and under the oversight of the Confederation, has remained unchanged since its foundation. This special institutional structure contributes significantly to the SNB's independence and stability. The shareholder structure is characterised by remarkable continuity. All cantons are shareholders in the SNB, as are all cantonal banks. The Confederation, on the other hand, does not hold shares in the SNB. What is more, because ownership is spread across a broad range of private shareholders, the SNB is firmly rooted in the Swiss population. This institutional anchoring of the SNB has proved its worth and must be maintained. In turbulent times, stability becomes a particularly valuable asset. This is precisely what the SNB has always stood for. Its mandate to ensure price stability while taking due account of economic developments forms the basis of its actions. This stability-oriented monetary policy is the result of clear principles: institutional independence, professional competence and a consistent focus on the SNB's statutory mandate. The SNB does not act in response to short-term stimuli, but on the basis of careful analysis and with a clear focus on Switzerland's long-term interests as a whole. It is precisely this that makes it a dependable point of reference in an often unsettled environment. https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260424_jsb The SNB - firmly anchored even in turbulent times 2026-04-24T08:00:00Z SNB The SNB - firmly anchored even in turbulent times https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260424_jsb The SNB is institutionally sound and on a solid footing. Its unique legal form, that of a special-statute joint-stock company administered with the participation and under the oversight of the Confederation, has remained unchanged since its foundation. This special institutional structure contributes significantly to the SNB's independence and stability. The shareholder structure is characterised by remarkable continuity. All cantons are shareholders in the SNB, as are all cantonal banks. The Confederation, on the other hand, does not hold shares in the SNB. What is more, because ownership is spread across a broad range of private shareholders, the SNB is firmly rooted in the Swiss population. This institutional anchoring of the SNB has proved its worth and must be maintained. In turbulent times, stability becomes a particularly valuable asset. This is precisely what the SNB has always stood for. Its mandate to ensure price stability while taking due account of economic developments forms the basis of its actions. This stability-oriented monetary policy is the result of clear principles: institutional independence, professional competence and a consistent focus on the SNB's statutory mandate. The SNB does not act in response to short-term stimuli, but on the basis of careful analysis and with a clear focus on Switzerland's long-term interests as a whole. It is precisely this that makes it a dependable point of reference in an often unsettled environment. Barbara Janom Steiner President of the Bank Council 118th Ordinary General Meeting of Shareholders of the Swiss National Bank, Berne 2026-04-24T08:00:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260424_msl The world is going through a period of great uncertainty. As a central bank, we have to accept this as it is - and deal with the uncertainty. The past 25 years have seen several phases of great uncertainty. Nevertheless, the SNB has achieved its objective of price stability. The Swiss economy has also developed favourably overall. We were able to do so because three prerequisites for our work were met. The first is our institutional framework and, in particular, the independence of the SNB. Independence means that in conducting our monetary policy, we must not take instructions from the government, parliament or anybody else. Legislators gave us this independence for good reason, because an independent central bank is best able to fulfil its mandate. The counterbalance to independence is accountability, and the SNB reports comprehensively on how it fulfils its tasks. The second is our monetary policy strategy, which defines our long-term frame of reference. Our definition of price stability and the conditional inflation forecast form the core of this strategy. The conditional inflation forecast is our main indicator for monetary policy. It tells us whether price stability is being met in the medium term, and shows whether there will be a need for action in the future. It is therefore at the heart of our communications. Third, the contribution made by our employees is also central to the success of our monetary policy. Every day, they put their expertise to work for the SNB, doing so with great commitment. The conflict in the Middle East is making the global economic situation very uncertain. The higher energy prices will lead to a further increase in inflation in many countries in the coming months. Global growth is likely to slow temporarily. The SNB cannot change the uncertain global environment. However, even in such conditions, we are able to successfully pursue a monetary policy that serves the interests of the country as a whole. We are prepared to adjust our monetary policy at any time if necessary, and we have the instruments to do so. Thanks to our independence, our proven monetary policy strategy and the expertise of our staff, we are well equipped to ensure that we continue to fulfil our mandate in the future. https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260424_msl Comments on Swiss monetary policy 2026-04-24T08:00:00Z SNB Comments on Swiss monetary policy https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260424_msl The world is going through a period of great uncertainty. As a central bank, we have to accept this as it is - and deal with the uncertainty. The past 25 years have seen several phases of great uncertainty. Nevertheless, the SNB has achieved its objective of price stability. The Swiss economy has also developed favourably overall. We were able to do so because three prerequisites for our work were met. The first is our institutional framework and, in particular, the independence of the SNB. Independence means that in conducting our monetary policy, we must not take instructions from the government, parliament or anybody else. Legislators gave us this independence for good reason, because an independent central bank is best able to fulfil its mandate. The counterbalance to independence is accountability, and the SNB reports comprehensively on how it fulfils its tasks. The second is our monetary policy strategy, which defines our long-term frame of reference. Our definition of price stability and the conditional inflation forecast form the core of this strategy. The conditional inflation forecast is our main indicator for monetary policy. It tells us whether price stability is being met in the medium term, and shows whether there will be a need for action in the future. It is therefore at the heart of our communications. Third, the contribution made by our employees is also central to the success of our monetary policy. Every day, they put their expertise to work for the SNB, doing so with great commitment. The conflict in the Middle East is making the global economic situation very uncertain. The higher energy prices will lead to a further increase in inflation in many countries in the coming months. Global growth is likely to slow temporarily. The SNB cannot change the uncertain global environment. However, even in such conditions, we are able to successfully pursue a monetary policy that serves the interests of the country as a whole. We are prepared to adjust our monetary policy at any time if necessary, and we have the instruments to do so. Thanks to our independence, our proven monetary policy strategy and the expertise of our staff, we are well equipped to ensure that we continue to fulfil our mandate in the future. Martin Schlegel Chairman of the Governing Board 118th Ordinary General Meeting of Shareholders of the Swiss National Bank, Berne 2026-04-24T08:00:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260416_gpetmo Payments are the backbone of a modern economy. Virtually no goods would change hands and virtually no services would be provided in today's world without a functioning payments system. From a macroeconomic perspective, resilience and efficiency are the overarching objectives in the payments system. Payment methods must be secure and, where possible, available continuously; and they must be technically reliable and widely accepted. A good cost-benefit ratio is also desirable. The payments system is characterised by network effects and economies of scale. These can lead to strong market concentration on certain platforms. In particular, two-sided markets in payment networks with different user groups tend to be highly concentrated due to their economic structure. It thus makes sense to consider competition-enhancing measures in this context. Lowering barriers to entry for new players through open interfaces is an important means of achieving this end. As part of its mandate, the SNB therefore supports initiatives that make it easier for new providers to link their services with the systems of other players. One such initiative is the Instant Payments Bridge project, which aims to provide technical access to the instant payments settlement infrastructure. Another project involves exploring how the Swiss and European settlement systems for instant payments could be linked, with a view to enabling cross-border instant payments. https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260416_gpetmo Swipe, scan, tap: the cashless payments market 2026-04-16T16:00:00Z SNB Swipe, scan, tap: the cashless payments market https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260416_gpetmo Payments are the backbone of a modern economy. Virtually no goods would change hands and virtually no services would be provided in today's world without a functioning payments system. From a macroeconomic perspective, resilience and efficiency are the overarching objectives in the payments system. Payment methods must be secure and, where possible, available continuously; and they must be technically reliable and widely accepted. A good cost-benefit ratio is also desirable. The payments system is characterised by network effects and economies of scale. These can lead to strong market concentration on certain platforms. In particular, two-sided markets in payment networks with different user groups tend to be highly concentrated due to their economic structure. It thus makes sense to consider competition-enhancing measures in this context. Lowering barriers to entry for new players through open interfaces is an important means of achieving this end. As part of its mandate, the SNB therefore supports initiatives that make it easier for new providers to link their services with the systems of other players. One such initiative is the Instant Payments Bridge project, which aims to provide technical access to the instant payments settlement infrastructure. Another project involves exploring how the Swiss and European settlement systems for instant payments could be linked, with a view to enabling cross-border instant payments. Petra Tschudin / Thomas Moser Member of the Governing Board / Alternate Member of the Governing Board Money Market Event, Zurich 2026-04-16T16:00:00Z en https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20260319_mslanmargpe Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. Given the conflict in the Middle East, our willingness to intervene in the foreign exchange market has increased. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Our conditional inflation forecast for the coming quarters is higher than in December due to the rise in energy prices. Medium-term inflationary pressure, however, has remained virtually unchanged since the last monetary policy assessment. Our monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. We will continue to monitor the situation closely and adjust our monetary policy if necessary, in order to ensure price stability over the medium term. https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20260319_mslanmargpe Introductory remarks, news conference 2026-03-19T09:00:00Z SNB Introductory remarks, news conference https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20260319_mslanmargpe Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. Given the conflict in the Middle East, our willingness to intervene in the foreign exchange market has increased. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Our conditional inflation forecast for the coming quarters is higher than in December due to the rise in energy prices. Medium-term inflationary pressure, however, has remained virtually unchanged since the last monetary policy assessment. Our monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. We will continue to monitor the situation closely and adjust our monetary policy if necessary, in order to ensure price stability over the medium term. Martin Schlegel / Antoine Martin / Petra Tschudin Chairman of the Governing Board / Vice Chairman of the Governing Board / Member of the Governing Board News conference of the Swiss National Bank, Zurich 2026-03-19T09:00:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260304_anmarskr https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260304_anmarskr Emphase Ltd to design new banknote series 2026-03-04T09:00:00Z SNB Emphase Ltd to design new banknote series https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260304_anmarskr Antoine Martin / Sébastien Kraenzlin Vice Chairman of the Governing Board / Alternate Member of the Governing Board News conference on new banknote series, Zurich 2026-03-04T09:00:00Z en https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20251211_mslanmargpe Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. We remain willing to be active in the foreign exchange market as necessary. Inflation in recent months has been slightly lower than expected. In the medium term, however, inflationary pressure is virtually unchanged compared to the last monetary policy assessment. Our monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. We will continue to monitor the situation and adjust our monetary policy if necessary, in order to ensure price stability. https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20251211_mslanmargpe Introductory remarks, news conference 2025-12-11T09:00:00Z SNB Introductory remarks, news conference https://www.snb.ch/en/publications/communication/speeches-restricted/ref_20251211_mslanmargpe Monetary policy decision We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. We remain willing to be active in the foreign exchange market as necessary. Inflation in recent months has been slightly lower than expected. In the medium term, however, inflationary pressure is virtually unchanged compared to the last monetary policy assessment. Our monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. We will continue to monitor the situation and adjust our monetary policy if necessary, in order to ensure price stability. Martin Schlegel / Antoine Martin / Petra Tschudin Chairman of the Governing Board / Vice Chairman of the Governing Board / Member of the Governing Board News conference of the Swiss National Bank, Berne 2025-12-11T09:00:00Z en