Firstly, it gives recognition to the fact that we are all aware of the potential of this sector in generating employment, promoting economic growth and reducing existing poverty levels. In low income sub-Saharan African countries, SMEs and micro-enterprises make up about 90% of all enterprises. However, due to the various constraints they face, their overall contribution to GDP can in some countries be as low as 20% although estimates show that this could be scaled up to 60% with the greater realization of the sector’s potential. Contribution to employment can be as high as 63%. For most low income countries, SMEs are the main  BIS central bankers’ speeches  1  source of jobs and income after subsistence agriculture. Particularly significant is that they are a great source of livelihood for women who own more than half of SMEs while over 70% of Africa’s rural population survives through the formal and informal SME sector. There is little doubt, therefore, that SMEs form a solid basis for sustainable economic development on our continent. Secondly, the continued discourse on SMEs reminds us of the possibility that we have probably done more talking about the problem than fixing it. Although the development of SMEs is varied extensively across Africa, what is clear is that in most countries a major obstacle to their growth is the lack of sustainable and cost effective financial products. South Africa and Mauritius in this region and North Africa have done a commendable job in developing flourishing SMEs sectors.
Many approaches were tried, some proved their worth, while others were abandoned. The establishment of these monetary institutions was not a constant reinvention of the wheel; rather, progress was evident. The sound institutions that have grown in this way represent valuable capital for our country and have made a significant contribution to Switzerland’s prosperity. I feel that it behoves us to become familiar with the history of our monetary and currency institutions. This is true not just for the employees of the SNB, but in particular for them. In fact, this was the original idea behind Professor Baltensperger’s book, namely to improve employees’ knowledge of Switzerland’s economic history. Or, expressed in a different way: To encourage them to “become familiar with the ground on which we lay our foundations”. On the initiative of the former Chairman of the Board, Jean-Pierre Roth, an internal seminar on the history of the Swiss currency in the 19th and 20th centuries was organised in the autumn of 2008 and in the spring of 2009. It became clear that no work yet existed which covered the entire period of the history of the Swiss franc. It was this realisation that laid the foundation for this book. The book was ultimately written by expanding on the material derived from the internal seminar. As you will be able to conclude for yourself after reading the work, the result can certainly be considered a resounding success. The book by Professor Baltensperger is a beautifully illustrated work with fascinating contents.