realise that they have to pay for good services. listening to you, that all sounds great. is there anything that keeps you awake at night? i always sleep very well. that ’ s probably one of my strengths [ laughs ]. but to be serious, what i really do worry about is the threat of deregulation. not only in the united states, but also in europe. domestic banks haven ’ t noticed this yet. that may be, but i see a clear movement in that direction in current proposals to change european legislation. attitudes towards strong supervision are no longer so positive. after the financial crisis, politicians reinforced the supervisory function and gave it tools to pre - empt looming risks. prior to that, supervisors were often unable to react until the damage had been done. we need to watch out for the pendulum swinging back. where do you see signs of that? there are some proposals for the capital requirements directive that i am concerned about. it may become more difficult for supervisors to require more capital for certain risks. this would weaken the supervisory tools. daniele nouy ’ s term as chair of ecb banking supervision finishes at the end of the year. could you imagine taking her place? i have a great passion for banking supervision, and it will be a turning point for me when i stop 3 / 4 bis central bankers'speeches doing it. but i am convinced that job rotation is good, at all levels. it would be wrong to exclude the chair and vice - chair from this. a fresh perspective is also important in banking supervision. and for you personally? my ecb executive board mandate will then still have three years to run. i will take on new tasks there in early 2019. i won ’ t get bored. for example, what about heading the bundesbank, a position which is likely to change next year? i ’ m not giving that any thought at present. 4 / 4 bis central bankers'speeches

thomas jordan : monetary policy and financial markets – what may we expect in 2008? summary of a speech by mr thomas jordan, member of the governing board of the swiss national bank, at the messe fonds 2008, zurich, 31 january 2008. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). * * * the problems linked to the us housing and mortgage market dominated international financial markets in 2007. despite the difficulties on the financial markets in the second half of the year, the global economy was robust last year. for 2008, the outlook for global economic growth has deteriorated and become more uncertain. the turbulence in the financial sector led to a considerable increase in risk premiums in 2007. in the past few years, these premiums had been very low, and even after the recent increase they remain modest by historic standards. due to the higher level of economic uncertainty in 2008, the process of adjustment in risk premiums looks set to continue in various markets. from the current standpoint, the swiss national bank anticipates a somewhat slower pace of growth for switzerland in 2008, although the economy should remain robust. however, the risks have increased in the recent period. as a result of the oil price hikes, inflation in switzerland is likely to rise above 2 % in the first half of 2008. despite raised stock exchange volatility, the snb does not judge that any additional actions are necessary at present. the quarterly assessment in mid - march 2008 will provide the opportunity to assess the inflation and economic outlook on the basis of new data.