Switzerland
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
SNB raises rates for first time since 2007
Jordan says the Swiss central bank is ready to prevent “second-round effects” becoming entrenched
Swiss central bank defends board structure
Think-tank suggested governing board was “susceptible to group think” in April report
Does Switzerland need an SWF?
A sovereign wealth fund could adopt longer-term strategies, invest in less liquid assets and increase exposures to riskier assets such as equities, potentially boosting returns
People: Swiss vice-chair to take office in August
Board member appointed in Guatemala; new external MPC member in Ghana; and more
Higher global inflation allows SNB to let franc rise – Jordan
Less integrated global economy could lead to persistent higher inflation, says SNB chair
SNB has weak transparency and governance practices – report
Board risks “group-think”, as its monetary policy communication is shallow, experts argue
Swiss inflation rises above target
Oil prices contribute to inflation that is now above the SNB’s forecasts
SNB keeps rates at -0.75% but increases inflation forecasts
War in Ukraine is boosting inflation through higher oil and other commodity prices, SNB says
Digital money and central banks
Central banks must reflect on the monetary policy, regulatory and financial stability implications from crypto assets, stablecoins and CBDCs to stay relevant in the digital age of money
SNB profits rise to $28.5 billion
Central bank reaffirms pledge to halt appreciation of the franc
Facebook-backed stablecoin project to wind down, report says
Project formerly known as Libra had struggled to gain regulatory approval
BIS-SNB project links wholesale CBDC to core banking system
Project Helvetia’s second phase demonstrates integration of DLT with standard systems is possible
SNB predicts rise in profits for 2021
Early estimate suggests profits will be up around Sfr5 billion on 2020 figure
Book notes: Shades of sovereignty, by Paul Wilson
An essential and stimulating read for central bankers thinking about the monetary history of their state in relation to its historical perspective and broad international trends
People: Arce to lead ECB economics directorate
SNB deputy to retire; Vanuatu names new deputy; Glenn Stevens to chair Macquarie; and more
Project Jura executes ‘real-life’ cross-border CBDC settlement
“Dual-notary” structure could help protect monetary sovereignty, says Benoît Cœuré
Has the SNB accepted a stronger franc?
Swiss central bank reduces FX interventions as currency breaks 1.05 ceiling against the euro
People: US Senate confirms CFPB head
Israel adds new member to MPC; Swiss deputy governor will undergo heart surgery
People: SNB board appoints new member
Former Bank of Jamaica senior official appointed to lead financial services commission; Riksbank appoints acting head of corporate services; and more
Swiss government sets parameters for climate reporting
Guidelines intended to bind large Swiss companies from the 2023 financial year
Book notes: The pay off, by Gottfried Leibbrandt and Natasha de Terán
A timely introduction to and accessible survey of payment system developments
New Bafin president takes up role
Ex-Finma head pledges to make heavily criticised German financial regulator “world class”
SNB reserves hit Sfr1 trillion
Equity holdings now account for 23% of the portfolio