in euros. swiss suppliers have increasingly been requested to provide euro - denominated invoicing. it is unclear to what extent inter - company payments in switzerland are effected in euros. there is agreement, however, that these payments have increased compared with last year's survey and that this trend is likely to continue in future. wage and salary payments in euros are still not an issue. employees would not accept wage and salary payments in euros. furthermore, such a practice would result in substantial administrative complications ( social security deductions and taxes in swiss francs ). the selective use of euros in place of the swiss franc does not create any difficulty with regard to monetary policy. on the one hand, the bulk of payments in switzerland will probably continue to be effected in swiss francs also in future. on the other hand, under the current monetary policy strategy, a possible euro - induced decline in the demand for money will not lead to any problems either. contrary to the previous policy of targeting the money supply, the steering of the interest rate the national bank pursues today is not dependent on a stable demand for money. the national bank realises, however, that, as invoicing in euros becomes more widespread, our export industry must bear higher exchange rate risks.

thomas jordan : the challenges of the global economic crisis – can switzerland master them? summary of a speech by mr thomas jordan, vice - chairman of the governing board of the swiss national bank, on the occasion of a panel discussion at the central bank of the republic of austria, vienna, 1 february 2011. the complete speech can be found in german on the swiss national bank ’ s website. * * * many countries are facing major economic challenges as a result of the financial and economic crisis. which of these are of particular importance for switzerland? and how can we tackle them? switzerland is currently facing three key challenges. first, the crisis has shown that countries can encounter serious difficulties due to systemically important banks. switzerland has two systemically important banks, in fact, these big banks are systemically important even at the global level. thus for our country, in particular, it is essential that the stability of the financial system be sustainably reinforced. second, the crisis has substantially changed the economic environment in which switzerland – an economy with an extremely global orientation – operates. on the one hand, our country has to cope with the appreciation of the swiss franc, particularly against the euro, which has come under pressure because of the sovereign debt crisis affecting certain european countries. on the other hand, the crisis has reinforced the shift in economic power towards the emerging economies. consequently, switzerland must do everything it can to secure its competitive position in this changing world – now and in the future. third, convincing answers will be needed to counter the international pressure on switzerland, which has increased considerably of late, particularly in connection with the question of the tax compliance of foreign assets in switzerland. these are formidable challenges. however, switzerland is well equipped to meet them with confidence. what is essential is that we are able to benefit from the strengths that characterise the country now as in the past. these success factors include ( a ) a social and political culture that builds on inclusiveness and the ability to reach a consensus, ( b ) innovative ability and flexibility, and ( c ) political and economic stability. bis central bankers ’ speeches