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Central bank head warns recovery is fragile

The global recovery is ongoing but remains fragile, the president of the Swiss National Bank has told the International Monetary Fund (IMF) in Washington.

Philipp Hildebrand said in a statement published on the IMF’s website on Friday that the “immediate policy priority” was to strengthen sustainable growth.

He added that the scope, nature and timing of policy responses would vary across countries.

“Many countries emerge from this crisis with high debt burdens, and many central banks have yet to exit from non-conventional policy measures. Firm commitments to long-term fiscal consolidation and price stability are essential.”

Hildebrand is in Washington for the twice-yearly IMF and World Bank meetings.

In an interview with a Swiss trade union newspaper, Hildebrand said Switzerland’s banks should focus on wealth management and the country should be a place of “conservative” banking.

The interview was given before a Swiss working group’s report published on Monday which proposed tougher rules for the two big banks UBS and Credit Suisse.

swissinfo.ch and agencies


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