jean - pierre roth : the swiss national bank ’ s new inflation forecast introductory remarks by mr jean - pierre roth, chairman of the governing board of the swiss national bank, at the end - of - year media news conference, zurich, 16 december 2004. * * * economic growth in switzerland has lost some of its momentum. for this year, however, we still anticipate economic growth to be close to 2 %. in the coming year, we expect the economy to expand by 1. 5 % to 2 %. on the assumption that the three - month libor rate will remain unchanged at 0. 75 %, we expect an annual inflation rate of 1. 1 % in 2005 and 1. 3 % in 2006. less dynamic growth, the weaker us dollar and the decline in excess liquidity have dampened the anticipated inflationary pressure somewhat. the target range for the three - month libor rate will therefore be left unchanged at 0. 25 - 1. 25 % and the rate will again be kept in the middle of the range. the national bank ’ s monetary policy continues to have an expansionary effect. should unexpected developments push up the swiss franc sharply, we will take appropriate action. allow me to explain our decision. it is based on the outlook for price developments in the coming three years as summarised in our new inflation forecast. the graph depicts the current and the previous inflation forecasts. the dash - dotted green curve reflects the september forecast. like the current forecast, it was based on the assumption of the three - month libor rate remaining unchanged at 0. 75 % in the following three years. we can see from the graph ( blue line ) that inflation in the third quarter of this year was insignificantly higher than we had forecast in september. the dashed red curve represents the new forecast. it begins in the fourth quarter of 2004 and ends in the third quarter of 2007. the new forecast differs from the previous ones in three points. firstly, the projected inflation is higher until the third quarter of 2005. secondly, the inflationary uptrend sets in half a year later. and thirdly, inflationary pressure has decreased in the long term, which is evidenced by the lower - lying curve. there are significant economic facts behind these three deviations, which i would like to comment on. 1. slightly higher inflation in 2005 the increase in the anticipated inflation until the third quarter of 2005 is predominantly attributable to the rise in oil prices.

news conference on new banknotes berne, 3 september 2019 thomas jordan introductory remarks by thomas jordan ladies and gentlemen i too welcome you warmly to this presentation of the new 100 - franc note. the issuance of this final note brings the ninth banknote series – an important and complex project – to a close. over the next few minutes i ’ d like to look back at some of our experiences, review the results and, finally, make a few observations about the future of cash. work on the new banknote series began over 14 years ago. on 2 february 2005, the snb published a press release announcing that it was preparing a new series inspired by the overarching theme ‘ switzerland open to the world ’. in november 2005, the results of the design competition were presented to the public, and at the beginning of 2007, the snb tasked manuela pfrunder with carrying out the graphic design work. this decision marked the beginning of a 10 - year adventure. the development of the new banknotes was shaped by stringent quality standards on both the design and production fronts. throughout the process, dialogue and exchange were required between all the involved parties to ensure that these standards were met. thanks to this team effort, the ninth series – culminating in the last denomination, the 100 - franc note – is now complete. an ambitious start … in 2005, we started with the ambition of creating a banknote series that was highly innovative across the board : - we wanted to achieve significant technological advances in terms of both materials and printing. - at the same time, we wanted to break new ground in the designs. we wished to move away from individual personalities or achievements and depict an overarching theme instead. page 1 / 4 berne, 3 september 2019 thomas jordan news conference on new banknotes - and finally, we wanted to reduce the size of the notes. this would make them fit more easily into people ’ s wallets, as well as rendering them more suitable for machine processing. - we did not, however, make any changes to the denominations and consciously retained the tried - and - trusted colour palette. … and the associated challenges this set of requirements pushed the limits of what was technologically possible. we at the snb and our partners had to jointly overcome a succession of challenges. the most important difference between the eighth and ninth banknote series is in the materials used. thanks to the new substrate durasafe, we were able to integrate new and complex