The emergence of principles-based policy
The Swiss National Bank has published a paper reviewing what it describes as the success of its principles-based approach to monetary policy.
The central bank discusses the success of its approach, which it describes as "an intermediate position between full discretion and rigidly defined short-term inflation targeting."
According to the Swiss, the impressive track record of the approach since its introduction in 1999, suggests that other central banks should consider adopting a similar policy.
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