ZURCIH (MNI) – The Swiss National Bank will do whatever is required
to fulfill its price-stability mandate, SNB President Philipp Hildebrand
said Tuesday.
Speaking to the press at a briefing on the margins of an SNB
conference, Hildebrand said, “we are prepared to fulfill our mandate”
and “will take all necessary measures” in order to ensure sustained
price stability.
He reminded that this means avoiding inflation as well as deflation
and said Swiss monetary authorities would not allow the Swiss franc to
move in such a way as to endanger this objective.
Though he declined to comment on the decisions announced early
Monday morning by the ECB to safeguard the stability of the euro,
Hildebrand said that “if you read the press release [announcing the
decisions] it is very clear it is an independent decision by the
European Central Bank.”
“I have absolutely no doubt that the European authorities will take
all measures to assure” stability going forward, he said.
In his introductory remarks, Hildebrand summed up the closed
conference by noting general agreement that “the large and volatile
capital flows are a difficult challenge not only for emerging economies
but also for developed economies.
“A sound financial sector is crucial for the international monetary
system and…therefore it remains extremely important to conclude the
financial system reform program,” he said.
–Frankfurt bureau tel.: +49-69 720142. Email: dbarwick@marketnews.com
[TOPICS: M$$CR$,MGX$$$,MT$$$$,M$$EC$,M$X$$$]
