Press Releases
All stories that have been tagged with Monetary Policy
KOF Economic Forecast, autumn 2024: Lack of recovery in Europe clouds prospects for the Swiss economy
Press release
The economic recovery in Switzerland and internationally is sluggish. The KOF expects real sports-adjusted gross domestic product (GDP) to increase by 1.1% in 2024. Weak investment is holding back growth, while the pharmaceutical industry is providing a boost. Sports-adjusted GDP will in-crease by 1.6% in 2025 and 1.7% in 2026. The main reason for the gloomy outlook is the economic weakness in Europe – for instance in Germany, Switzerland's most important trading partner.
Global economic weakness hampering Swiss economy
Press release
For 2024, KOF is forecasting a 1.2 per cent increase in gross domestic product (GDP) adjusted for sporting events. The sluggish global economy and declining investment in particular are slowing the growth of the Swiss economy. The outlook for 2025 is more positive, with a growth rate of 1.8 per cent in sport-adjusted GDP being forecast.
KOF Monetary Policy Communicator for the Euro Area, October 2023
Press release
The KOF MPC figure for 26 October 2023 is 0.29. At today’s meeting, the ECB’s Governing Council decided to keep the three key ECB interest rates unchanged.
Domestic economy providing support; foreign trade weakening
Press release
The Swiss economy is currently characterised by two opposing trends. On the one hand, private consumption and the robust labour market are supporting the domestic economy. On the other, the weakness of the global economy is weighing on the export-driven Swiss economy. All in all, KOF expects real gross domestic product (GDP), adjusted for major sporting events, to increase by 1.2 per cent this year and by 1.5 per cent next year.
Economists surveyed by KOF and NZZ expect to see normalisation of interest-rate policy
Press release
In March, KOF and the Neue Zürcher Zeitung (NZZ) newspaper surveyed 110 economists at Swiss universities on their assessments of inflation and monetary policy in Switzerland. More than half of these respondents reckon that the key interest rate will be positive in the next five years. An interest-rate move by the SNB is not expected until the ECB has raised its key rate.
KOF Monetary Policy Communicator, February 2022
Press release
The KOF MPC figure for 3 February 2022 is 0.15. At today’s meeting, the ECB’s Governing Council confirmed its monetary policy stance.
KOF Monetary Policy Communicator, January 2021
Press release
The KOF MPC figure for 21 January 2021 is 0.00. At today’s meeting, the ECB’s Governing Council has reconfirmed the need for a very accommodative monetary policy stance.
KOF Monetary Policy Communicator, December 2020
Press release
The KOF MPC figure for 10 December 2020 is -0.21. At today’s meeting, the ECB has recalibrated its monetary policy instruments, as the inflation outlook is weaker than previously anticipated.
KOF Monetary Policy Communicator, October 2020
Press release
The KOF MPC figure for 29 October 2020 is 0.00. At today’s meeting, the ECB’s Governing Gouncil communicated that it will recalibrate its instruments to counteract the impact of the pandemic on the projected inflation path in December.
KOF/SRF Survey of Economists on the Sovereign Money Initiative: Majority of Economists Reject the Initiative
Press release
The Swiss electorate will be voting on 10 June 2018 on the popular initiative “For Crisis-proof Money: Money Creation only by the Swiss National Bank!” (Sovereign Money Initiative). In collaboration with SRF, KOF asked research economists in Switzerland what they think of the initiative. While the majority of survey respondents reject this proposal, they concede that there is need for action when it comes to financial stability.