MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner
President of SNB Bank Council says incorporating social, climate aims both illegal and would weaken Swiss central bank independence.
The Swiss National Bank should resist weakening itself in the face of such political and ideological “attacks” on its independence as demands for an enlarged Governing Board, climate protection and securing old-age provision, President of the Bank Council Barbara Janom Steiner said Friday, warning unneccesary reform was "playing with fire".
Steiner pushed back against what she called the misuses by SNB critics of the phrase “[for] ‘the overall interests of the country,’ and said that the Swiss Federal Constitution was “very clear on this. The SNB shall pursue a monetary policy that serves the overall interests of the country. It does not mention climate or social policy, important though both of these issues undoubtedly are.”
Steiner's remarks came the same day outgoing SNB chairman Thomas Jordan said the bank succeeded in performing its mandate despite "exceptionally adverse circumstances" in recent years. Jordan's successor is yet to be named, though his deputy Martin Schlegel is currently favourite to take over from September.