Philipp Hildebrand, the chairman of the governing board at the Swiss National Bank, on Tuesday said transparency was crucial at central banks but that it also had its pitfalls, particularly in times of crisis, when cooperation with governments is required.

At an event in Avenir Suisse in Zurich, Switzerland, Hildebrand said transparency and accountability was crucial when public information requirements increase exponentially. However, he said a latent threat to independence always existed