Roth on the SNB's new inflation forecast

In a speech on 'The Swiss National Bank's new inflation forecast' given on 16 December, Jean-Pierre Roth of the Swiss National Bank said economic growth in Switzerland has lost some of its momentum. While still expecting economic growth to be close to 2% for 2004, the SNB expects the economy to expand by 1.5% to 2% in the coming year.

"I will now come to my concluding remarks. The inflation forecast shows that the process of normalisation of monetary policy has not yet ended. In light of my

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