Thomas Jordan: Why sovereign money would hurt Switzerland

Speech by Mr Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, at the Swiss Institute of Banking and Finance at the University of St. Gallen (s/bf-HSG), Zurich, 3 May 2018.

Central bank speech  | 
09 May 2018

Ladies and gentlemen

Today, the Swiss Institute of Banking and Finance at the University of St. Gallen celebrates its 50th anniversary. Let me extend my sincere congratulations on reaching this milestone. Our financial system has evolved steadily over the past five decades. In the early years of the institute, the world was still dominated by Bretton Woods, the post-war monetary system with its fixed exchange rates and the US dollar as anchor currency. Thereafter, flexible exchange rates were the order of the day, and more recently, banks have had to face the challenges of the financial crisis.