Switzerland
Swiss reject radical monetary proposals
Less than a quarter of people vote for new monetary system; activist says vote has started a conversation
Switzerland weighs bold monetary experiment
On June 10, Switzerland will vote on whether to revolutionise its monetary system and hand the central bank a monopoly on money creation
Cash usage in Switzerland below eurozone average – SNB survey
SNB’s first payments study finds 70% of transactions processed in cash in 2017
Adrian and Rey: macro-prudential tools needed to resist ‘bad booms’
Economists say monetary policy cannot fully control local conditions; Hélène Rey calls for improved early warning models
SNB governor condemns 'sovereign money initiative'
Thomas Jordan calls on voters to reject proposal for new credit system
Andreas Dombret on ECB policy, deposit insurance and Basel III
The Deutsche Bundesbank executive board member speaks about exiting QE, the viability of European deposit insurance, the German banking system and doing a deal on Basel III
SNB loses $6.9 billion in Q1
Higher interest rates reduced the value of sovereign bonds
Book notes: The paradox of vulnerability, by John Campbell and John Hall
Quality of national institutions vital to handling financial crises, say authors
SNB rejects idea of retail central bank digital currency
Governing board member Andrea Maechler says central bank digital currency would bring “incalculable risks”, and denies that crypto tokens are “comparable with” money
Language shapes monetary policy preferences in Switzerland – research
Culture partly outweighs shared institutions and economic history in setting priorities
SNB achieved record profits in 2017
Acquisitions of euros and dollars via foreign exchange interventions yielded 91% of the gains; SNB reshapes portfolio with greater share of equities and riskier bonds
SNB struggles to end ultra-loose policy regime
The Swiss central bank’s hopes of normalising policy are being held back by weak expectations, a strong currency and policy actions abroad
People: South Korea’s Juyeol Lee nominated for new term
South Korean president nominates Lee for fresh four-year term; SNB’s Wiedmer steps down; State Bank of Vietnam appoints new banking supervisors
Davos experts weigh risks of future crisis
High debt levels, a rise in real interest rates and China are on the agenda for the panellists, who believe another financial crisis is inevitable
SNB expects record profits for 2017
Swiss central bank benefits from high asset prices and a weaker franc
SNB buys banknote company ‘to ensure its survival’
Company that provides substrate for Swiss banknotes came into liquidity difficulties following the cancellation of a tender from an international client
SNB keeps accommodative policy unchanged
Central bank acknowledges Swiss franc’s depreciation, but still considers the development “fragile”
Distorted Swiss surplus not good base for policy – Jordan
Multinationals’ operations, higher nominal rates abroad and Swiss franc appreciation increase the surplus
Swiss bond market contracts despite negative rates – SNB’s Maechler
Shift driven by lower issuance by Swiss government and reduced financing needs of banks
SNB’s Jordan defends central bank independence
In contrast to monetary policy, macro-prudential should also be shaped by government
SNB profits hit record high
Swiss franc’s depreciation and high stock prices fuel the rise in revenues in the first three quarters
Falling Swiss franc boosts inflation but SNB policy is unchanged
SNB revises down GDP growth forecasts and warns franc “remains highly valued”
Six large banks join UBS digital currency project
UBS announces the third phase of its digital currency project; analysts question whether the project can deliver all it promises
Customer relationships affect severity of bank runs – research
Swiss experience of the global financial crisis offers natural experiment to test what can exacerbate or mitigate a bank run