The Swiss National Bank (SNB) is undergoing a leadership change as the previous deputy, Martin Schlegel, is set to become president, while national banker Petra Tschudin will join the Governing Board. This represents a shift towards a younger leadership team while maintaining the SNB’s commitment to stability.
The selection process for these positions was rigorous, with a large number of potential candidates considered for the roles. After four months of discussions, the Federal Council decided on Schlegel as the new president and Tschudin as the new board member. This decision reflects a commitment to continuity and stability within the organization.
While there were calls for more diversity in the SNB’s leadership, the focus remains on expertise, experience, and a dedication to the organization’s mandate of price stability. The SNB has weathered various crises and challenges under the leadership of Thomas Jordan, emphasizing the importance of economic and regulatory expertise over diversity.
By electing a new leadership team that follows in the footsteps of Jordan, the SNB is signaling its commitment to its technocratic culture while also embracing a generational change. Schlegel and Tschudin bring a fresh perspective to the board while maintaining the organization’s focus on stability and independence.
The SNB’s track record in maintaining price stability has earned it credibility and trust among the public and in politics. The new leadership team is well-positioned to continue this legacy and uphold the organization’s mandate of stability policy. The focus remains on ensuring the SNB remains a technocratic organization free from political influence and focused on its core mandate.