Hildebrand next president of National Bank
The cabinet has named Philipp Hildebrand as the next president of the Swiss National Bank (SNB) to take over from January next year.
Hildebrand, 46, is currently vice president and will succeed Jean-Pierre Roth on his retirement, the Finance Ministry said in a statement. Thomas Jordan has been chosen to replace Hildebrand as vice president.
In a statement on Wednesday, the cabinet also announced that Jean-Pierre Danthine has been appointed as a member of the governing board.
Dantine, who will take up his post on January 1, is a professor of macroeconomics and financial theory at Lausanne University and also a managing director of the Swiss Finance Institute.
The recent sharp decline in fortunes for Swiss exporters led the SNB to intervene in foreign exchange markets last month in an effort to stabilise the franc.
The SNB also lowered interest rates by 25 basis points on March 12 to a record low base rate of 0.25 per cent. At the same time, the central bank lowered its GDP outlook from a 0.5-1 per cent fall to a slump of 2.5-3 per cent this year.
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