SNB's Hildebrand says rate hikes may be needed

Swiss National Bank board member Philipp Hildebrand said it may be necessary to increase interest rates further if it becomes clear that a 'sustainable improvement of economic prospects' is occurring.

In a speech ahead of the central bank's rate-setting meeting next Thursday, Hildebrand said: 'We do not believe that the current level of interest rates represents a sustainable balance.'

'As a result in recent months we have indicated in different ways that a continuation of the normalisation pro