ZURICH (Reuters) – Outgoing Swiss National Bank Chairman Thomas Jordan said on Saturday that central banks were not boring, although being prepared to take on that label could be key to success.
Jordan, who will step down at the end of September, defended his record of steering the central bank through a series of crises over the past 12 years.
The executive has been criticized for his lack of flexibility, stubborn adherence to the mantra of price stability and for not doing more to help Credit Suisse before the bank collapsed last year.
“What we do is not boring, that’s cliche,” Jordan told Bieler Tagblatt in an interview published Saturday.
“I think the heads of the National Bank should focus on their jobs. They must carry out their duties and not draw attention to themselves for other activities.”
The 61-year-old told his hometown newspaper that perhaps boredom is the key to success.
“It would be better for people to say I pursued the wrong monetary policy than to be called boring or stubborn,” Jordan said. He added that he had not yet decided what to do next in his career, but that a political role was not appealing.
He said the central bank has tried its best to maintain price stability, defined as an inflation rate of 0-2%. This effort has paid off, with Swiss inflation over the past 12 months now on target.
“We stopped deflation many times and then successfully fought inflation after COVID-19,” Jordan said. “Inflation in Switzerland is much lower than elsewhere.”
