SNB's Chairman Jordan: The weak euro area is hurting demand for Swiss exports | Metals Mine

  • SNB's Chairman Jordan: The weak euro area is hurting demand for Swiss exports

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Luxyus
Aug 29, 2024 11:52pm
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Quoting Silver-King
{quote} He was actually the SNB Chair in 2015. when many people got burned by CHF and their 1.20 "line in the sand" on EUR/CHF. Perhaps it is time to do the exact opposite this time around, so the CHF drops significantly in a blitz. Perhaps he's waiting a 10 year anniversary of the January 15th 2015. hahahah.
It s already known that he s out next month... after 12 years.

(Teleborsa) - The President of the Swiss National Bank, Thomas Jordan, has decided to step down at the end of September 2024, after 12 years in the role and three years before the end of his current mandate. This is stated in a note, where the Bank Council and the Governing Board say they take note "with great regret of this decision". Jordan, born in 1963, joined the National Bank in 1997. Initially, as head of the Research organizational unit, he played a decisive role in developing the new monetary policy strategy introduced at the end of 1999. In 2004, he moved to Department 3 as an alternate member of the Governing Board, and then became a member of the same in May 2007. The period in which he headed Department 3 was characterized by the serious financial crisis, during which he was responsible, among other things, for the stabilization fund StabFund, established to acquire UBS's illiquid assets. At the beginning of 2010, he took over the management of Department 2 as Vice President of the Governing Board. In addition to overseeing the introduction of a macroprudential model with a countercyclical capital buffer, he closely followed the development of the ninth banknote series. In January 2012, Jordan took over the management of the SNB, initially on an interim basis and then, from April of the same year, as Chairman of the Governing Board and Head of Department 1. His years at the helm of the SNB were marked by an unusually large number of challenges, which required far-reaching monetary policy measures to ensure price stability and financial stability in various economic situations. With the abolition of the minimum exchange rate between the Swiss franc and the euro at the beginning of 2015, the SNB was able to retain control over its monetary policy and ensure its effectiveness. During the severe global economic collapse caused by the pandemic in 2020, it succeeded in maintaining price stability with comprehensive measures such as the SNB-COVID-19 refinancing facility. The SNB responded decisively to the global rise in inflation following the pandemic and the outbreak of war in Ukraine, enabling price stability to be quickly restored. The inflationary phase in Switzerland was much shorter and less pronounced than abroad. In spring 2023, when the Credit Suisse crisis threatened to seriously jeopardize Switzerland's financial stability, the SNB provided historic liquidity support, which ultimately enabled UBS to acquire Credit Suisse and thus made a significant contribution to preventing a financial crisis with major economic consequences. "Having overcome the many challenges of recent years, the right time has now come for me to step down," Jordan said. "It has been an immense privilege to be able to serve the National Bank and the general interest of the country. I would like to thank the Bank Council, the Executive Board and the staff for their excellent cooperation and collegial spirit. I would like to extend my heartfelt thanks to the Federal Council, Parliament and the population for the great trust they have placed in the National Bank and for having preserved its mandate and independence."
Silver-King
Aug 29, 2024 1:01pm
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Quoting Luxyus
...lol..many companies in switzerland are disappointed by the swiss franc non stop strenghtening.. time to pull the trigger last time Jordan
He was actually the SNB Chair in 2015. when many people got burned by CHF and their 1.20 "line in the sand" on EUR/CHF. Perhaps it is time to do the exact opposite this time around, so the CHF drops significantly in a blitz. Perhaps he's waiting a 10 year anniversary of the January 15th 2015. hahahah.
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Luxyus
Aug 29, 2024 12:03pm
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...lol..many companies in switzerland are disappointed by the swiss franc non stop strenghtening.. time to pull the trigger last time Jordan
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