In a speech on 26 August 2026, SNB Vice Chairman Antoine Martin said price stability takes precedence in the statutory mandate. A stable financial system also supports macroeconomic stability and monetary-policy transmission.
Context for the published data
The SNB distinguishes between the policy rate used for price stability and macroprudential tools used to address financial-system vulnerabilities. Under this separation, one instrument is not expected to achieve both objectives at once.
The speech does not announce a new interest-rate decision. It explains the SNB’s institutional framework and should be read separately from its quarterly monetary policy assessments.
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