The Swiss National Bank: An Unconventional History

Echoing new trends in central banking history, this book traces the story of the Swiss National Bank from the end of World War II, going beyond monetary policy and inflation to explore the full scope of the bank’s activities. Drawing on extensive archival research, it examines the broader landscape in which the central bank operated, including the role of Swiss banks, government oversight via the Federal Council, the influence of the international monetary system, and the negotiation of central bank independence — particularly the use of non-legal instruments and their limitations within Switzerland’s decentralised political system. Throughout, the Swiss National Bank had to reconcile three sometimes conflicting factors: corporate liberalism, which allowed major economic players a say in policy; the imperative of maintaining the stability of the Swiss franc; and the need to kerb potential threats to monetary stability. In response, the SNB developed a sophisticated arsenal of non-legal and unconventional tools to regulate the financial system on a temporary basis. The history of these exceptional measures sheds light on the unconventional evolution of the Swiss National Bank. This book will appeal to readers of economic history, financial history, central banking, and Swiss history.