IMD-OWP23-POSTEVENT-REPORT

There’s no room for economic growth and prosperity if people don’t trust in money. One of the roles of central banks is to safeguard that trust, says Andréa M Maechler.

In her OWP 2023 keynote in Lausanne, Andréa M. Maechler, member of the Governing Board of the Swiss National Bank (SNB), focused on the mandate of central banks and its importance to the process of generating trust in money. “People’s trust in money is a fundamental precondition for economic growth and prosperity,” Maechler said. “This trust is a product of a complex ecosystem: it is affected by political stability, the strength of legal and regulatory frameworks, and a sound fiscal policy. But, at the end of the day, it is by fulfilling their mandate that central banks do ensure such trust.” This mandate hinges on three fundamental pillars: price stability, financial stability, and a functioning payment system.

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OWP 2023