Low inflation depends on sound markets – SNB’s Martin
Bank’s vice-chair argues monetary policy and financial stability ‘reinforce each other’
A sound financial system is a precondition for price stability, according to Antoine Martin, vice-chairman of the Swiss National Bank (SNB).
In a speech at the University of Basel on August 26, Martin said financial crises can cause deep output losses and force extraordinary monetary policy responses that threaten macroeconomic stability. Since World War II, he noted, each episode has led to roughly two years of negative GDP growth on average, with output still 4–5% below its pre-crisis level
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