No systematic use is made of fiscal policy to stimulate the economy. In April 1997, however, the Swiss Parliament voted to spend USD 379 million on an investment program to help the Swiss economy pull out of recession. Most of the funds will be spent in the construction sector to renovate public infrastructure. USD 41 million will be provided to maintain the apprenticeship program and USD 14 million will be spent for the promotion of technology and innovation. The main objective of the SNB's policy is price stability.
Monetary policy is conducted through open market operations.
The discount rate is used by the SNB as a signal to the public. Since the extremely weak domestic economic outlook became clear, the SNB has prevented further appreciation of the Swiss franc by accelerating growth of the money supply. The high Swiss franc had been seen as one of the main reasons for the weak performance of exports. In the mid and long term, the SNB does not follow any exchange rate policy, and the Swiss franc is not pegged to any foreign currency. Few structural policies have a significant effect on U. S. exports.