Monetary policy operating procedures in Switzerland: a critical appraisal

Sergio Rossi

Chapter 11 in Central Banking and Monetary Policy Implementation, 2025, pp 261-276 from Edward Elgar Publishing

Abstract: This chapter analyses Swiss monetary policy critically. The first section offers a short historical perspective on the policy strategy implemented by the Swiss National Bank in the monetarist period (1975–99), when it targeted the rate of growth of some monetary aggregates – which nevertheless did not make sure price stability prevailed. The second section explains the SNB strategy since 2000, when it switched to an inflation (forecast) targeting regime, focusing in particular on the last fifteen years, when it had to confront with the consequences of the global financial crisis that burst in 2008 as well as the euro area crisis that erupted one year later. The last section concludes by summarizing many negative outcomes of recent Swiss monetary policy strategies in light also of the Covid-19 pandemic and the Russian invasion of Ukraine.

Keywords: Monetary policy; Central banking; Interest rates; Switzerland; Europe; Money markets (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035302796
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