Central Bank boss says economy solid
A robust performance in 2001 is still in store for the Swiss economy, even though a slowdown in other major economies poses a substantial threat, the Swiss National Bank (SNB) warned on Friday.
Addressing the Central Bank's shareholders, SNB President Jean-Pierre Roth said the outlook for the domestic economy continued to be positive, with strong domestic demand likely to make up for most of the expected downturn in foreign demand.
"Still, the foreign environment harbours substantial economic risks," Roth told the bank's general meeting. He went on to single out the United States, Japan and Europe.
"The slowdown in our exports could thus be stronger than we have so far expected. Strong uncertainty also weighs on financial markets," he added.
The bank surprised the markets by cutting short-term interest rates by a quarter of a per cent in March, citing growing uncertainties caused by the global economy slowdown.
"This easing does not threaten price stability over the medium term," Roth said.
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