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Real-time News
Swiss National Bank President Schlegel: Switzerland does not need a stablecoin.On September 10, the Swiss National Bank plans to publish a so-called summary of monetary discussions, which could be a revolution in communication as the bank has traditionally valued confidentiality. Swiss National Bank President Schlegel said that the new summary will be released four weeks after each interest rate decision, starting this month. The summary will not disclose personal positions, but will show how officials made their judgments, which is a step towards the kind of transparency seen in developed economies such as the United States. "The summary will cover two days of monetary policy assessments and provide our views on the economic and monetary situation," he said. "The new summary will put forward the main points of the Governing Councils discussions. It is intended to promote a better understanding of how we apply our monetary policy strategy to the current situation." The summary will not disclose the decision-making process in as much detail as the minutes of the Federal Reserve, Bank of England and European Central Bank. Because the Swiss National Bank requires officials to speak with one voice in public, the discussion content will be presented in a "collective" form.On September 10, French Prime Minister Jean-Marie le Corny pledged major reforms. He is attempting to involve the opposition in the arduous task of controlling Frances debt, despite strong opposition to budget cuts. The previous two prime ministers were ousted after attempting to pass budgets that would drastically reduce Frances deficit, the largest in the eurozone. "We need to make changes, and certainly be more creative, technical, and serious in the way we work with the opposition," Le Corny said at a handover ceremony with outgoing Prime Minister Bayrou. "But we also need drastic changes, not only in form and method, but also in content."Swiss National Bank President Schlegel: Protecting the independence of the central bank is crucial.On September 10, U.S. Vice President Cyrus Vance said in an interview: "After achieving peace, Trump is very willing to reach a comprehensive economic agreement with Russia that is beneficial to the United States. I think the president is absolutely right. Once we reach a peaceful solution, we can establish a very productive economic relationship with Russia and Ukraine."
