Professor Lengwiler condemns Schlegel’s election

Yvan Lengwiler, a professor of economics at Basel University, has criticized recent appointments to the top of the National Bank, stating that the board of directors lacks diversity and experience, weakening the leadership. Lengwiler has repeatedly called for people from outside the central bank to be elected to the board of directors, as he believes it is essential for a stronger leadership team.

Lengwiler specifically criticizes the appointment of Martin Schlegel as the new SNB President, highlighting that Schlegel has spent his entire career at the SNB and may not bring the necessary external perspective to the role. He questions the decision-making process and transparency around Schlegel’s appointment, especially in light of his involvement in the CS crisis.

While Lengwiler does not have a personal issue with Schlegel, he raises concerns about the lack of diversity and external perspectives on the SNB’s Executive Board. He believes that having a more diverse board would strengthen the SNB’s decision-making process and ensure a broader range of perspectives are considered.

Lengwiler emphasizes the importance of accountability and transparency within the SNB, citing examples of shortcomings in governance and decision-making processes. He also raises concerns about the distribution of profits and the SNB’s independence, highlighting the need for reforms within the institution.

Looking ahead, Lengwiler hopes that the new SNB board under Martin Schlegel will initiate reforms to address some of the issues he has raised. He suggests implementing term limits for board members, increasing transparency, and improving the governance structure of the SNB to ensure a more robust leadership team in the future.