Inflation: the Swiss miracle

IYou have to accept it: Switzerland still has its own way of working. While the country has neither raw materials nor a maritime outlet, its economy is one of the most prosperous in the world. The Swiss National Bank (SNB) expects growth of 3.5% in 2021, the unemployment rate does not exceed 3% and inflation is stabilized at 0.6%, against nearly 7% in the United States and 4.9% in the euro zone. Thomas Jordan, chairman of the board of directors of the Swiss issuing institution, even allows himself to describe the monetary policy of the SNB (conducted since 2015) as “judicious”. It is therefore renewed, ie the key rate and the negative interest rate applied to assets are maintained at -0.75%. The rise in the cost of money does not…