Jean-Pierre Roth: Ten years' experience in steering interest rates -
taking stock of the Swiss National Bank's monetary policy strategy
Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the
Swiss National Bank, at the University of Fribourg, Fribourg, 20 November 2009.
The complete speech can be found in French on the Swiss National Bank's website (www.snb.ch).
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The Swiss National Bank's monetary policy strategy has proved successful over the ten
years since its introduction. Throughout this period, the SNB fulfilled its mandate of ensuring
price stability while taking into account economic developments. The inflation forecasts,
produced quarterly on the basis of various indicators, have proved especially useful. It has
always been possible to successfully manage the Libor - the operational objective of the
SNB's monetary policy - despite an international environment which, at times, has been
extremely turbulent. The Libor was maintained within a range intended to provide the
bestpossible conditions for a favourable development of the Swiss economy.