Thomas Jordan, the outgoing Chairman of the Swiss National Bank (SNB), shared insights into the often understated world of central banking, emphasizing that stability and focus are keys to success. In an interview with the Bieler Tagblatt published on Saturday, Jordan, who will step down at the end of September, reflected on his tenure and defended his approach to monetary policy.
Jordan has faced criticism for being perceived as inflexible and overly focused on price stability, especially in the wake of Credit Suisse’s collapse last year. However, he maintained that central banking is not about making headlines but about fulfilling a critical mandate. “What we do is not boring, that’s a cliché,” he said. “The people responsible for the national bank should concentrate on their job, ensuring stability rather than seeking the spotlight.”
The 61-year-old chairman suggested that being considered “boring” might actually be a compliment in his line of work. “It’s better to be called boring or stubborn than to pursue the wrong monetary policy,” Jordan remarked, noting that the SNB has consistently aimed to maintain inflation within its target range of 0-2%. He highlighted the bank’s successes, including preventing deflation on several occasions and managing inflation effectively, particularly during the post-COVID economic recovery. Swiss inflation has remained significantly lower than in many other countries over the past year.
Looking ahead, Jordan has yet to decide on his future career path but ruled out a move into politics. His legacy at the SNB will likely be remembered for its emphasis on stability and measured responses to economic crises. As Jordan prepares to leave, his reflections underscore a central truth in central banking: sometimes, the most successful strategies are the least dramatic ones.
