December 21, 2016 / 10:48 AM / a year ago

Swiss government backs SNB monetary policy

ZURICH, Dec 21 (Reuters) - The Swiss government threw its weight behind the Swiss National Bank’s monetary policy on Wednesday amid criticism from members of parliament after the central bank removed a cap on the value of the Swiss franc against the euro nearly two years ago.

“The SNB’s monetary policy concept has proved its worth also in difficult situations such as in the wake of the global financial crisis from 2007 to 2009,” a statement after a cabinet meeting said. The central bank had the tools it needed to fulfill its mandate.

“Particular attention was paid to the issue of SNB governance. The Federal Council considers the SNB’s existing legal basis to be appropriate and sees no need to change it.” (Reporting by Michael Shields, editing by John Revill)

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