Niklaus Blattner: New banknotes project of the Swiss National Bank Speech by Mr Niklaus Blattner, Vice-Chairman of the Governing Board of the Swiss National Bank, at the Media News Conference of the Swiss National Bank, Berne, 2 February 2005. *  *  *  Introduction The Swiss National Bank is obliged by the Constitution and by statute to pursue a monetary policy serving the interests of the country as a whole. This includes ensuring the supply of cash. The National Bank thus has the exclusive right to issue banknotes. Along with this right comes the task of creating new banknote series if necessary. A new banknote series as a precautionary measure Why does the National Bank at this point in time start with the preparations for a new banknote series? After all, the current banknotes were introduced not that long ago, between 1995 and 1998. Their design quality is very high and they meet contemporary requirements. In addition, they are still adequately protected against counterfeiting. And last but not least: is it really worth investing in the preparation of a new banknote series for Switzerland at a time when our country is surrounded by a single currency, the euro? Although our country's accession to the European Union (EU) does not seem to be an issue at the moment, it can by no means be ruled out in the future. An accession would probably also result in the adoption of the euro, ie Swiss banknotes might become obsolete.

At European level, the European Commission’s proposal for a Corporate Sustainability Reporting Directive (CSRD) is also a significant step forward in terms of improving the information available to market participants and supervisors. This initiative, still in the negotiation phase, revises and strengthens the sustainability reporting standards for companies operating in Europe and establishes mandatory sustainability reporting standards for more than 50,000 firms, including all large and listed firms, although simpler standards will apply to listed SMEs.14 In January this year, the EBA published disclosure standards for environmental, social and governance (ESG) risks. These provide the basis for publication by the European banking sector of comparable quantitative information on how climate change risks affect their balance sheets. Compliance with these standards will undoubtedly require a significant effort on the part of banks, which ultimately depend on the information available on their counterparties. As a result, the EBA has introduced certain transitional features in the standards to facilitate the adaptation process. In any event, providing this information to the market will encourage banks to improve their information systems and databases. Moreover, improving public information will ultimately enhance the ability of financial market participants to discriminate. The BCBS is playing a notable role globally. In November 2021 it publicly communicated its support for the creation of the ISSB.15 At the same time it indicated its intention to explore in parallel how to use the bank disclosure framework (Pillar 3) to promote a common disclosure baseline for climate-related financial risks across internationally active banks.