SNB's Hildebrand: Inside Europe, outside EMU

- Central Banking staff
- 30 Apr 2004

In the speech 'Inside Europe, outside EMU - Lessons and Outlook' given on 23 April, Philipp Hildebrand of the Swiss National Bank said a lesson that can be drawn from the UK experience is that it would be wrong for Switzerland to advocate an EMU accession in order to facilitate the implementation of unpopular structural reforms.

With EMU membership, Hildebrand said, it would lose its monetary policy and at least to some extent its fiscal policy lever. With these compensating mechanisms no longer

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