Swiss National Bank Council President Defends Monetary Policy, Criticizes Calls for Inflation Target, Dividend Distributions and Bitcoin Investments

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.

The three-member Board of Directors, led by President Thomas Jordan, is responsible for the SNB’s monetary policy. The Board of Directors, known as the Bankrat, includes Barbara Janom Steiner. 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