SNB's Roth at the AGM of shareholders

In a speech given on 29 April, Jean-Pierre Roth of the Swiss National Bank said 2004 was a relatively favourable year for the Swiss economy, but a few clouds have recently appeared on the horizon.

"The recovery has unfortunately weakened, so a fall in unemployment is not imminent. We will continue to pursue a monetary policy aimed at maintaining the level of economic activity, though we will keep a careful watch on the general level of prices.

With prices remaining stable, interest rates low and a

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