- Balance sheet-losses won’t undermine SNB’s ability to conduct monetary policy
- Even if FX losses substantial, long-term SNB profitability will hardly be affected
- More FX, Gold losses possible
- Success of monetary policy cannot be measured by SNB earnings
- Can’t have liquidity problems, can create francs from thin air
- Tools have taken considerable toll on balance sheet
SNB’s Jordan: Able to create francs out of thin air
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}