Home Engagement Policy Monetary policy
Contact Person Dr. Jean-Philippe KohlDr. Jean-Philippe Kohl
Head of Economic Policy / Deputy Director
+41 44 384 48 15 +41 44 384 48 15 j.kohlnoSpam@swissmem.ch

Monetary policy

Exchange rates, particularly against the euro and the dollar, are key factors for the highly export-oriented MEM industry. They have a decisive influence on companies’ price competitiveness in foreign markets. Swissmem supports the flexible monetary policy of the Swiss National Bank (SNB) with its emphasis on price stability.

The MEM industries export 60% of their products to the euro area. Around 20% go to the United States or to countries with currencies that are closely aligned to the US dollar. Large, rapid exchange rate movements against these two currencies represent an especially serious challenge for exporting industry.

As measured by purchasing power parity, the Swiss franc has been overvalued against the euro for years. A weakening of the franc vis-à-vis the euro by the SNB is important to the MEM industries to underpin their ability to compete. In contrast, the Swiss franc is not overvalued against the US dollar.

Swiss National Bank independence is key

Swissmem supports the flexible monetary policy of the SNB with its emphasis on price stability and complementary consideration of economic trends. The SNB must without fail remain entirely independent. This is the only way to uphold its ability to pursue an autonomous monetary and exchange rate policy in the service of the national economy as a whole.

This also holds true for specific measures to weaken the Swiss franc, which are a matter for the SNB alone.

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Last update: 17.07.2019