New Leadership at Swiss National Bank Aims for Steady Price Stability

Thomas Jordan, departing chairman of the Swiss National Bank, made his final public appearance, passing the baton to Vice Chairman Martin Schlegel. Schlegel promises to maintain the central bank's focus on price stability. The transition comes after the SNB's third rate cut this year, with key monetary strategies remaining unchanged.

Thomas Jordan, the departing chairman of the Swiss National Bank, made his last public appearance on Thursday while his successor, Vice Chairman Martin Schlegel, pledged to continue pursuing the central bank's goal of price stability. This transition marks the end of Jordan's 12-year leadership of the SNB.

During the press conference meant to discuss the SNB's latest interest rate decision, Jordan allowed himself to relax, passing more questions to Schlegel. Schlegel, who has been with the SNB since 2003, described this transition as the end of an era but pledged no significant policy changes, reaffirming the focus on price stability.

Schlegel stated to Reuters that the SNB's mandate of maintaining inflation within a range of 0-2% remains unchanged. Observers speculated whether the leadership change would bring a shift in strategy, yet Schlegel emphasized that price stability remains the priority. Ready for the challenge, Schlegel steps into his new role on Tuesday.

(With inputs from agencies.)