How protected is the Swiss National Bank compared with the US Federal Reserve?

Published on October 4, 2025

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Swissinfo
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The independence of the Swiss National Bank (SNB) is enshrined in the constitution, a safeguard its US counterpart does not enjoy. But where does this concept come from, and how does Switzerland compare internationally? US President Donald Trump makes no secret of his views on the decisions taken by the Federal Reserve. He has not just applied public pressure but also temporarily appointed one of his closest economic advisers, Stephen Miran, to the seven-member Board of Governors of the Federal Reserve System (FED). Many experts are concerned by Trump’s behaviour. “These actions are undermining the norm of central bank independence,” Carolina Garriga of the University of Essex told Swissinfo. “But this is no different than the effect of other actions undermining other democratic and technocratic institutions and norms, unfortunately.” However, while the independence of the US judiciary system is enshrined in the US constitution, the same cannot be said for the country’s central bank. Full story here Are you the author?

About Swissinfo

SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

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