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Zurich, Switzerland (GenevaLunch) - Jean-Pierre Roth, who has been chairman of the Governing Board of the Swiss National Bank since January 2001, has announced his retirement at the end of 2009. He joined the SNB nearly 30 years ago, and he has been a member of its Governing Board since May 1996.

According to Le Temps, his adjoint, Philippe Hildebrand, could be a top candidate to replace him.

The BNS notes that Roth, as chair of the board of directors of the Bank for International Settlements in Basel from 2006-2009 has contributed much to Switzerland’s and the SNB’s international relations. It describes in its press release challenges that have faced him since the start of the decade:

During his tenure as Chairman of the Swiss National Bank, Jean-Pierre Roth has been
confronted with many monetary policy related challenges. The monetary setting had
changed fundamentally with the introduction of the euro, and the new monetary policy
concept introduced in 2000 had to prove itself in this new environment. After the 9/11
events, in view of the strong appreciation of the Swiss franc, a sequence of rapid
monetary easing took place. In the subsequent years, monetary policy operated with interest rates close to zero, the threat of deflation looming. Later on, a monetary policy
course consistent with price stability was gradually restored. Since May 2007, finally,
monetary policy has been heavily influenced by the international financial crisis, which
required rapid and flexible handling and led to many innovations and measures destined
to strengthen the Swiss financial system.

In 2003, at the time of the revision of the Swiss National Bank Act, Jean-Pierre Roth was
determined to have the monetary policy mandate clearly specified and to ensure that the
independence of the central bank would be preserved. At that time, the Swiss National
Bank was also given the additional mandate to contribute to financial stability. Jean-
Pierre Roth undertook a reorganization of the structures of the Bank and he put in place a
corporate governance fully compatible with today’s requirements. Contributing to the
improvement of the younger generations’ understanding of economic matters was also one
of his wishes. This led to the launch of the economic literacy programme
www.iconomix.ch in 2007, on the occasion of the Swiss National Bank’s centennial
jubilee.