have contributed towards switzerland being able to avoid a credit crunch in the past few months. page 3 / 4 zurich, 17 december 2020 thomas jordan news conference it will take some time yet before the economy recovers, and uncertainty will remain high for the time being. we will therefore be seeking to do our utmost with our monetary policy to ensure price stability and to contribute to the economic recovery. climate change and the snb i would now like to talk about the significance of climate change for the snb. we have been working intensively on this topic for some time now. we want to properly assess possible consequences of climate change for the economy, for financial stability, and for the management of our foreign exchange reserves in order to ensure that we can fulfil our statutory mandate at all times. to this end, we also collaborate with other central banks, in particular in the network for greening the financial system ( ngfs ), and we work together closely with finma. as regards monetary policy, we are continuously deepening our analysis into how climate change could affect economic growth and inflation. the dialogue with other central banks is particularly important in this area. when it comes to financial stability, the snb focuses its efforts on determining the impact of climate risks on the stability of the swiss banking system. in a joint pilot project with finma, the snb is currently identifying the concentrations of risk of switzerland ’ s largest two banks in respect of sectors exposed to higher transition risks, i. e. possible implications of future amendments to laws. with regard to our investment policy, in connection with the issue of climate change, we have decided to make an adjustment to our exclusion criteria. since 2013, we have already been excluding investments in companies that cause severe environmental damage, violate human rights or produce condemned weapons. with these exclusion criteria, we ensure that our investment policy reflects the fundamental and broadly accepted values held in switzerland. we are now expanding the exclusion criterion pertaining to the environment by additionally taking climate - related issues into consideration. in switzerland, a broad consensus has formed in recent years in favour of phasing out coal. we have therefore decided that we will from now on exclude all companies primarily active in the mining of coal from our portfolios. ladies and gentlemen, thank you for your attention. it is now my pleasure to give the floor to fritz zurbrugg. page 4 / 4

christian noyer : re - examining central bank orthodoxy for un - orthodox times speech by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, at the conference of the global interdependence center / bank of france, paris, 26 march 2012. * * * the unconventional policies implemented during the crisis have transformed the face of central banking. but will these changes prove permanent and will “ the unconventional become the new normal? ” there is not yet definitive answer to this question. we may not, as easily as we would like, be able to revert exactly to the status quo ante. however, i strongly believe we must make sure that the gains from the pre - crisis period, in terms of monetary and price stability, are not compromised in the process. prior to the crisis, a description of central banks would have centred on four characteristics : they were focused with price stability being their primary or key objective, and no responsibility was sought or given for financial stability ; they were of limited size with very small balance sheets and interest rates as their only policy instrument ; they were independent, a condition recognised as necessary to anchor inflation expectations, and embodied in very strong institutional frameworks ; and they were successful : the “ great moderation ”, a period of exceptional low volatility in output and inflation, was widely seen as a product of efficient and wise monetary policies. there was a happy feeling that, at last, a perennial monetary regime had been found, well - tailored to the characteristics of a modern market economy. financial markets were efficient and the zero lower bound and liquidity trap appeared to be no more than historical curiosities. with hindsight, of course, we can see now that this “ ideal ” economy may never have existed. the great moderation was as much a product of “ good luck ” ( brought by disinflationary effects of globalisation ) than good policy. monetary stability is a necessary but not a sufficient condition of financial stability, because capital markets are not always and necessarily efficient. and downward financial spirals may quickly bring our economies to the point where interest rates can no longer be used as effective tools. therefore, as the crisis unfolded, central banks responded by taking unprecedented measures and, in the process, underwent three major changes a diversification of their interventions. in order to both : unclog financial markets ( both private and public ). this involved exceptional liquidity provision to