Bank Council President Barbaras Janom Steiner Accuses Critics of Recklessness: A Look at the Swiss National Bank’s Monetary Policy Debate

The General Meeting of the Swiss National Bank is a platform for attendees to express their opinions on changes that the Bank should implement. However, Bank Council President Barbara Janom Steiner has shifted the focus by accusing critics of being reckless and irresponsible. Suggestions such as a higher inflation target, dividend distributions despite losses, a larger board of directors, and investing in Bitcoin instead of gold are met with skepticism.

The three-member Board of Directors, led by President Thomas Jordan, is responsible for the National Bank’s monetary policy. The Board is known as the Bankrat and is chaired by Barbara Janom Steiner. Outgoing President Jordan explains the Bank’s narrow mandate, which is price stability considering the economy, and emphasizes the importance of the Bank’s independence. He also mentions that the Bank does not invest in Bitcoin due to liquidity and stability concerns.

During her speech, Janom Steiner criticizes the demands made by the Bank’s critics, calling them frivolous and driven by special interests. She emphasizes that the Bank must conduct monetary policy in the overall interest of the country, as outlined in the Federal Constitution. While climate activists demonstrate outside