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Our view on the new appointment to the Governing Board

We regret that the Federal Council has not taken the opportunity to appoint one of the many qualified outsiders to the SNB’s Governing Board.

Historically there have been two members on the Governing Board drawn from outside of the SNB and one member drawn from inside the SNB, with only few, short-lived exceptions. We have repeatedly argued that this arrangement has served the SNB well and should not be abandoned. Board members must be sensitive to the broad views of Swiss society, and not just to adhere to the views and values inside the Bank. Outsiders broaden the experience and skill base of the Governing Board and promote a diversity of views regarding policy, limiting the risk of group think.