Switzerland Shows No Signs of Changing the SNB After Jordan’s Long Reign

-- Switzerland could have the best chance in years to revamp its central bank right now, if the country actually wanted it.A $2 Billion Airport Will Test Modi’s Mission, Adani’s AmbitionsThe prospect of new management at the Swiss National Bank offers the government a rare opportunity to spruce up a famously conservative institution.

Over the years, the institution has brushed off criticism for everything from negative interest rates — once the world’s lowest — to its management of hundreds of billions of dollars of currency reserves, to a refusal to publish minutes of policy decisions, and even allegations female staff were bullied and subject to pay discrimination.The SNB’s work culture drew scrutiny in 2020 when Swiss media reported that under Jordan’s leadership, the institution discriminated against women.

The central bank, whose first quarterly policy decision of the year takes place this Thursday, has long insisted it’s happy to do things its own way. There’s no contention the SNB isn’t fulfilling its de jure requirements. Any decision to publish minutes would likely be taken by the rate-setters themselves.

Until now, the central bank has largely managed to dodge blame for Credit Suisse, which last year became the only globally systemic bank to have failed since the 2008-2009 crisis. The episode is a stain on Switzerland’s whole financial bureaucracy — not least since the economy is now dominated by a single bank — but Finma, the regulator, has taken more heat.

That may be the case behind the scenes too, though last year’s appointment of Federal Reserve official Antoine Martin to succeed Maechler could suggest otherwise. In that case, an outsider won out over internal candidates after a protracted process, against the backdrop of local media commentary about Jordan’s power within the central bank.

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