“Unabhängigkeit der Nationalbank (Independence of the SNB),” FuW, 2020

Finanz und Wirtschaft, July 25, 2020. PDF.

The Swiss National Bank—yes, the Swiss one—feels it must remind politicians of its independence. Parliamentarians from left to right (!) voice demands. To shrink the SNB’s balance sheet? No, for more central bank profits to be distributed sooner rather than later.

I discuss misconceptions, possible motivations, and a constructive response. «The best way to defend the independence of a central bank is never to exercise it.»