Swiss Overlord

Explain Yourself, Mr. Jordan

Thomas Jordan DPA
Thomas Jordan is offering only vague interviews in the Swiss Press.
  • Why it matters

    Why it matters

    The decision by the Swiss National Bank to eliminate the Swiss franc’s cap against the euro will have drastic consequences for the Swiss economy in the coming years. It reveals that the central bank plays a greater role in shaping monetary policy than politicians and voters combined.

  • Facts

    Facts

    • On Jan. 15, the Swiss National Bank announced that it was lifting its cap on the franc against the euro.
    • Switzerland will hold parliamentary elections on Oct. 18, 2015.
    • The Swiss tabloid newspaper ‘Blick’ dubbed the president of the Swiss National Bank, Thomas Jordan, the “job killer of the nation.”
  • Audio

    Audio

  • Pdf

The date has been set and the first posters have already been hung. Swiss citizens will elect their new parliament on Oct. 18, 2015. But the country’s future was already decided this month.

It was not decided by the more than five million eligible voters, with their gray lists of candidates for the Federal Council and Council of States, but rather by three men in wood-paneled offices on Bürkliplatz in Zürich.

Switzerland’s future was decided by their rows of figures, their economic expertise and a dry communiqué containing an unambiguous sentence: “The Swiss National Bank is repealing the minimum rate of 1.20 francs per euro.”

The announcement was more than just a bombshell of monetary policy that sent shock waves around the globe. The central bank’s decision is likely to drastically change the Swiss economy in the next few years.

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