Thomas Jordan discusses the monetary policy situation in Switzerland and hints at a change.
Swiss National Bank President Thomas Jordan said that the monetary policy situation is «unpleasant» at the moment in the face of high and even rising inflation and weakening economic activity, in an interview in «Bilanz» (in German).
During the interview, he offered a hint the SNB might change course at its next policy meeting on June 22, and take into account, not just domestic developments.
«We are moving into an unpleasant situation for monetary policy. Inflation is already high globally and is even rising in many countries, At the same time, economic activity is weakening worldwide,» he said.
«We will, of course, analyze and take into account the impact of the sharp rise in global inflation on Switzerland,» he told the magazine.
Still, inflation in Switzerland is running well behind that of neighboring countries and also the U.S. for that matter.
New Vice-Chairman
Jordan also commented on the recent election of Martin Schlegel as Vice-Chairman, in favor of Andrea Maechler who by tradition was seen as the choice for the position.
«Given the current major challenges for monetary policy, continuity is very valuable. The remaining members of the Governing Board have been consulted and have welcomed the election,» he said.
Health
Jordan also addressed a health issue he faced last year, which led him to undergo heart surgery. «I feel better than ever because I'm doing more sports,» the central banker said, whose term runs until 2027.
