In the wake of the financial and euro crisis the Swiss National Bank (SNB) made massive interventions on the financial markets, building large currency reserves in the process. The coronavirus crisis is now prompting politicians to call for more sharing of the SNB’s assets. In some cases they’re demanding a distribution of “surplus” reserves to the Confederation and the cantons; in some cases there are calls for the SNB’s funds to be used to create a new sovereign wealth fund. What both proposals have in common is that assets that Switzerland has earmarked for monetary policy purposes should be rerouted for other political purposes. In some cases the liquidation of SNB reserves is directly linked to party-political goals. This kind of access to Switzerland’s monetary reserves should not be allowed to happen. From time immemorial, a central bank’s assets have been a major component of monetary policy. There will be consequences if they’re appropriated for other purposes.
Open Switzerland
Keep Your Distance from the SNB!
Monetary reserves shouldn’t be misappropriated, even in times of pandemic
The coronavirus crisis is prompting politicians to call for more sharing of the SNB’s assets, e.g. for a distribution of “surplus” reserves to the Confederation and the cantons, or the creation of a new sovereign wealth fund. This kind of access to Switzerland’s monetary reserves should not be allowed to happen.
The coronavirus crisis is prompting politicians to call for more sharing of the SNB’s assets, e.g. for a distribution of “surplus” reserves to the Confederation and the cantons, or the creation of a new sovereign wealth fund. This kind of access to Switzerland’s monetary reserves should not be allowed to happen.
The Avenir-Suisse Drivers of Prosperity
Open Switzerland

Dr. Jürg Müller is the Senior Fellow who heads research into Effective Infrastructure and Markets. He works on issues related to digitalization, competition policy, public services, and optimal regulation, focusing on the financial, telecoms, and media sectors. After studying economics at the universities of St. Gallen and Cambridge he did a PhD at ETH Zurich and wrote a textbook on the impact of the digital revolution on the financial system. Following that he spent four years as economics editor at the NZZ newspaper.
Competition policy
Public services
Regulation
Financial markets and infrastructure
Media policy

Basil Ammann studied international relations, focusing on business and economics, at the universities of Geneva and St. Gallen and at Sciences Po in Paris. Since October 2019 he has been working as a researcher at Avenir Suisse. Prior to that his employers included the Swiss embassy in New Delhi, and Transitec engineering consultancy in Accra and Lausanne.