Swiss National Bank Criticized for Deviating from Its Focus on Stability and Responsibility

During the General Meeting (AGM) of the Swiss National Bank, attendees expressed their opinions on what changes the bank should make. However, Bank Council President Barbara Janom Steiner turned the tables by criticizing these suggestions of a more precise inflation target, dividend distributions despite losses, a larger board of directors, Bitcoin investments, and a climate-focused investment policy. She accused the critics of being reckless and irresponsible.

President Thomas Jordan explained how the National Bank has successfully maintained price stability while considering the economy, emphasizing the importance of the bank’s independence.

Janom Steiner countered critics by highlighting the dangers of pushing for changes that could jeopardize the SNB’s stability. She emphasized that the National Bank must conduct monetary policy in the country’s overall interest and not stray into climate or social policy areas as specified by the Federal Constitution.

At the AGM, climate activists protested for a more activist investment policy from the SNB. Janom Steiner rejected these demands, stating that the bank’s success lies in its focused mandate and emphasis on stability over political or special interests.

Despite criticism, National Bank President Jordan encouraged open discourse on monetary policy responses and a willingness to question their assessments. As he prepares to resign at