The Swiss National Bank (SNB) is set to undergo a generational change with the appointment of Martin Schlegel as president and Petra Tschudin as a new member of the Governing Board. Despite this shift, the SNB remains steadfast in its commitment to stability.
The selection process for candidates to replace outgoing President Thomas Jordan was rigorous, with hundreds of potential candidates considered. Ultimately, the Federal Council chose Schlegel and Tschudin, both internal candidates with extensive experience within the SNB.
The decision to appoint Schlegel and Tschudin sends a signal of consistency and emphasizes the importance of expertise and experience in the role. The SNB’s track record of stability and adherence to its mandate of price stability has earned it credibility among the public and in politics.
Schlegel’s appointment as president will see him continue in the tradition of his predecessor while also facing the challenge of upholding the SNB’s independence. The SNB must remain a technocratic organization focused on monetary policy rather than being burdened with political tasks and goals.
With Schlegel and Tschudin’s appointments, the SNB is positioned to maintain its stability culture and uphold its credibility in the years to come. The focus on expertise, stability, and independence will ensure that the SNB continues to fulfill its mandate effectively.
