ZURICH (Reuters)

The Swiss National Bank’s departing chairman, Thomas Jordan, made his last public appearance on Thursday. His successor, Vice Chairman Martin Schlegel, pledged to maintain the bank’s focus on price stability.

During a press conference in Zurich regarding the SNB’s latest interest rate decision, Jordan’s departure after 12 years was hardly mentioned. However, after overseeing his 42nd monetary policy meeting, which marked the SNB’s third rate cut this year, Jordan seemed at ease, delegating more questions to Schlegel, who will officially take over on Tuesday.

Schlegel, having joined the SNB in 2003 and often referred to in Swiss media as a stepson of Jordan, described the transition as the end of an era. He emphasized a commitment to continuity, stating, “Our mandate is price stability, and this will remain our mandate.” This priority has been essential during Jordan’s tenure, distinctly defined as an inflation target of 0-2%. Over the past 15 months, the SNB has successfully achieved this target by raising interest rates and managing the Swiss franc’s appreciation to stabilize import prices.

Speculations about leadership style changes were raised, as Jordan had been a prominent figure during significant events, including the abandonment of the minimum exchange rate against the euro and the Credit Suisse crisis. In response to questions about his approach compared to Jordan’s, Schlegel indicated, “The important question is what will be the same,” confirming that the commitment to price stability would persist.

At 48 years old and with over 20 years at the SNB, Schlegel expressed readiness for the new challenge, stating, “This will be my eighth position at the SNB, and I was always open to new things and new challenges. And also a bit of luck is also helpful.”