Jean-Pierre Roth: The economic situation ¿ la vie en rose?
Central bank: snb | Type: speech | Date: 2006-11-28

Jean-Pierre Roth: The economic situation – la vie en rose?
Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss
meeting with representatives of Ticino industry, Centro di studi bancari, Vezia, 28 November 2006.
The complete speech can be found in French on the Swiss National Bank’s website ().
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It is true that our exports continue to benefit from a buoyant global economy, that areas of concern
such as the volatility of oil prices or the possibility of a significant and lasting down turn in the US
economy have partially receded, and that the current economic recovery has led to an improvement in
the labour market without endangering price stability. Is this la vie en rose (living life through rose-
tinted spectacles)?
A brief outline of the situation in the national and in ternational economies is given, indicating that the
overall perspective remains favourable. It conclude s with a concise evaluation of the risks, showing
that the current euphoria may conceal significant risks that we must not lose sight of.
BIS Review 116/2006 1