14 august 2015, the snb announced that it would begin issuing the new swiss banknote series in april 2016. the first denomination to be released will be the 50 - franc note. today, we can announce the exact issue date. the new 50 - franc note will be presented to the public for the first time at a news conference on 6 april 2016, and will first be issued on tuesday, 12 april 2016. the new notes will be put into circulation continuously from that date onwards. a largescale information campaign will inform the general public about the new note and on ways to check its authenticity. the remaining banknotes in the series will be issued subsequently at half - yearly or yearly intervals. the snb will announce each new issue date well in advance. the current eighth banknote series will continue to be legal tender until further notice. the date on which the current series is to be withdrawn from circulation will also be announced well in advance. bis central bankers ’ speeches

rates are back to their pre - referendum levels. markets also responded strongly to the us election result, with both breakeven inflation and real yields rising. alongside those market developments, uk indicators suggest continued solid growth, and the pace of fiscal consolidation is now expected to be slower. the mpc will assess these and other developments at its meeting next week as it plots the monetary course ahead. whatever economic developments and prospects, the mpc will always set monetary policy to maintain price stability and promote the good of the people of the united kingdom. as it did when it was the only game in town after the global financial crisis ; and as it will going forward, in better balance with fiscal and structural policies. monetary policy will continue its good work as the uk economy adjusts to new opportunities with europe and the rest of the world. in the end, monetary policy isn ’ t a spectre but a friendly ghost. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx i monetarism is the view that the dynamics of money have a temporary influence on demand and, via the celebrated “ quantity equation ”, a major influence of prices. here i am using the term in a broader sense, to describe the view that monetary policy is the only tool necessary to stabilise the economy. friedman advocated the control of money as superior to fiscal measures for stabilising the economy. in friedman ( 1948 ) he argued that financing variations in the government deficit or surplus with monetary expansions or contractions would be stabilising. later, in friedman ( 1960 ), he advocated a constant growth rate of the money stock as a means to stabilise the economy effectively. following the experiences of the 1980s, there is today great scepticism that the velocity of money circulation exhibits the kind of stability necessary to make the quantity equation operative as a means of inflation control, although money may still have useful information content as an indicator. as gerry bouey said, “ we didn ’ t abandon the monetary aggregates, they abandoned us. ” see friedman, m. 1948. a monetary and fiscal framework for economic stability. american economic review 38, 256 – 64 ; and friedman, m. 1960. a program for monetary stability. new york : fordham university press. ii growth in india and china in particular has contributed to a marked fall in the global gini coefficient, from 0. 74 in 1975 to