BERN, April 28 The Swiss National Bank has all
the tools it needs to conduct policy, Chairman Thomas Jordan
said on Friday, dismissing a campaign that would make the SNB
alone responsible for creating the country's money.
"We are convinced we have all the instruments we need to
implement our monetary policy. We don't need the sovereign money
initiative. What we have functions quite well. We don't want to
experiment where we don't know what the final outcome would be,"
he told the SNB's annual shareholder meeting in response to a
A Swiss group pushing the initiative has collected enough
signatures necessary to put the matter to a popular vote. The
group says the current fractional reserve system - where banks
"create" money each time they issue loans - is unstable because
it is secured by reserves representing just a fraction of the
currency actually created by the SNB.
(Reporting by John Revill; Editing by Michael Shields)