Der Bericht der Expertengruppe: "Reform der Währungsordnung" Eine kritische Würdigung

Thomas von Ungern-Sternberg and Mario Jametti ()

Cahiers de Recherches Economiques du Département d'économie from Université de Lausanne, Faculté des HEC, Département d’économie

Abstract: The proposed new law for the Swiss National Bank attempts to establish the SNB as an entity, which is practically uncontrolled by the democratic institutions of our country. The proposal has to be fundamentally remodelled, taking into account the following principles: The more independence the SNB has, the stricter should be the rules on transparency and accountability. Decisions having a direct effect on the tax burden of the citizen cannot be left to the discretion of the SNB. The SNB's excess reserves should be reduced by a one shot transfer of ca. 20 billion francs. In future the SNB should distribute most of its profits (roughly 4 billion francs per year), rather than increase its already excessive stock of foreign exchange reserves.

Keywords: Swiss National Bank; accountability; foreign exchange reserves; profit distribution (search for similar items in EconPapers)
JEL-codes: E5 E58 E59 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2001-05
New Economics Papers: this item is included in nep-ifn
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Persistent link: https://EconPapers.repec.org/RePEc:lau:crdeep:01.06

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