Andrea Maechler, member of the Executive Board of the Swiss National Bank, wants to hear nothing about the National Bank’s greater contribution to the fight against the pandemic.
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Andrea Maechler: “The SNB will not contribute more than 4 billion francs in the fight against the coronavirus.” Keystone / archive.
KEYSTONE / MARCEL BIERI
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While a new agreement signed in March provides that the SNB will pay the Confederation and the cantons a maximum of 4 billion francs in 2019 and 2020, Andrea Maechler makes it clear that the bank will not increase its contribution.
That’s the maximum, says Maechler in an interview with the NZZ. But there is no question of adding an extraordinary and one-off payment to further co-finance the measures against the coronavirus. This would thwart monetary policy.
Andrea Maechler does not believe in a rapid economic recovery. A V-shaped rebound seems unlikely. Maintaining social distance, increasing debt, rising unemployment and falling incomes will require more time for the economy to recover from the crisis.
