assess the strength and persistence of the factors that are slowing the return of inflation towards 2 %. we will use as one input the eurosystem staff projections. another input will be the work of our staff in consultation with the eurosystem committees on the monetary policy stimulus that has been achieved so far, and the range of instruments available in case more accommodation is seen as necessary. if we conclude that the balance of risks to our medium - term price stability objective is skewed to the downside, we will act by using all the instruments available within our mandate. in particular, we consider the app to be a powerful and flexible instrument, as it can be adjusted in terms of size, composition or duration to achieve a more expansionary policy stance. the level of the deposit facility rate can also empower the transmission of app, not least by increasing the velocity of circulation of bank reserves. in making our assessment of the risks to price stability, we will not ignore the fact that inflation has already been low for some time. looking forward, monetary policy will remain accommodative for as long as needed to secure a sustained adjustment in the path of inflation. that means we want to feel suitably confident that inflation will not only converge to, but also stabilise around levels close to 2 % over the relevant medium - term horizon. so let me reiterate what i said here last year : if we decide that the current trajectory of our policy is not sufficient to achieve that objective, we will do what we must to raise inflation as quickly as possible. that is what our price stability mandate requires of us. bis central bankers ’ speeches

speech embargo 30 april 2021, 10. 00 am snb distributions – not a matter of course even when profits are high 113th ordinary general meeting of shareholders of the swiss national bank thomas j. jordan chairman of the governing board swiss national bank zurich, 30 april 2021 © swiss national bank ( speech given in german ) page 1 / 7 madam president of the bank council dear shareholders dear guests a warm welcome to you all to our annual general meeting. the pandemic has brought great suffering for many people. at the same time, coronavirus has posed unexpected challenges for the economy and politics in switzerland. it has also placed a heavy burden on the finances of many households and companies, and on the public sector as well. our sympathy goes to all those who have been affected by the disease or have lost people dear to them. from a professional perspective, our efforts are focused on the contribution that the swiss national bank can make within its mandate towards reducing the economic impact of the pandemic on our country. in the past months, we have used every means at our disposal to perform our mandate as well as we possibly can, even in adverse circumstances. our policy is aimed at helping the people in switzerland to get through these difficult times. by curbing the strong upward pressure on the swiss franc through extensive foreign exchange market interventions, and by providing financing for covid - 19 loans on favourable terms via our new snb covid - 19 refinancing facility, we have made an important contribution to stabilising the swiss economy in this once - in - a - century crisis. nevertheless, we are still frequently confronted with demands that the snb should do more. and what is meant by ‘ more ’ is above all increased distributions. i would therefore like to use my speech today to discuss the snb ’ s profit distributions. who owns the snb ’ s profits and how are they generated? the profits generated by the snb and the distributions it makes were the subject of discussion in switzerland long before the coronavirus pandemic broke out. there was already heated debate on this more than 100 years ago, as the rules governing the distribution of profits were one of the most contentious issues in the run - up to the creation of the snb. the cantonal banks had to cede the right to issue banknotes to the newly established central bank, and the cantons wanted compensation in return. the fundamental question of how the profits generated by the snb were to be