Coming Back Stronger – Governing Finance in Switzerland

This is the first in a series of roundtables on the future of financial governance and what is needed to come back stronger from the COVID-19 crisis.

  • Finance impacts all aspects of our lives, from our economies to social cohesion to the ecological systems we depend on for our very survival. As a result, the implications of how we choose to govern finance are fundamental, and ultimately existential.

    The financial shock of 2008, as other financial crises before it, catalyzed a frenzy of debate about lessons to learn and financial governance reforms to advance. At the same time, awareness grew that governing the financial system is not just about mitigating its booms and busts, but crucially, about the prosperity it fosters and protects.

    Against this background, over the last few years, central banks and financial supervisors had already started discussions on the changing landscape they face and the broader role for sustainable prosperity they have. Then came COVID-19 and with it yet another glaring spotlight on their vital role for sustainable prosperity and the “new normal” they are exposed to.

    It is with this in mind that CEP is launching a roundtable series to explore the opportunities and challenges for the future of financial governance, to review emerging practice, and to build a global community of decisionmakers and opinion leaders to foster financial governance that allows us to come back stronger from the crisis we are currently living through.

    We started this roundtable series with a focus on Switzerland.

  • Monday, 30 November, 2020
    Welcome and Introduction
    14.15Central Banks – Accountability and Independence
    How have the tasks and instruments of the SNB, as well as the landscape in which it operates, evolved over the last years? What additional responsibilities and changes are likely to hit its agenda moving forward? What are the implications of these developments for its accountability and independence, and thus its institutional setup?
    15.30Monetary Policy and Climate Change
    To what extent can and should the SNB account for climate risks in its monetary policy operations? What are its responsibilities, beyond accounting for climate-related financial risks, to ensure policy coherence with Switzerland’s climate change objectives?
    16.45Financial Governance and Digital Currencies
    What are the opportunities and risks of digital currencies issued by the private sector? What are the opportunities and risks of central bank digital currencies? Which institutions need to be involved in the governance of digital currencies? What objectives should they pursue and what capacities and instruments do they need?
    17.45Next Steps
    What questions did we not ask that we should raise? What are key ideas and recommendations we want to explore? What are pathways towards reform?