Of course, besides the influence of monetary policy, this development of the real economy also reflects structural factors such as the strong resilience of the well-diversified Swiss economy and the flexible labour market. Companies had to make considerable efforts to adapt to the difficult conditions after each appreciation surge, which may have enhanced the flexibility and efficiency of the Swiss economy even further. The increase in the population as a result of immigration made a positive contribution to growth as well. Furthermore, during the pandemic in particular, there was also a rapid and targeted fiscal policy response. II. New constraints The pandemic and the war in Ukraine have fundamentally changed the constraints on central banks. In particular, inflation has risen strongly in many countries over the past year, and uncertainty has also increased markedly in many respects. The SNB, too, is at present confronted with an inflation rate that is significantly above the range we equate with price stability. As in recent years, inflation in Switzerland is currently lower than in many other countries. Besides the strong Swiss franc, the energy mix in Switzerland has thus far also helped to keep inflation comparatively low. Nevertheless, the current level of 3.4% is still the highest inflation our country has seen since the 1990s. Furthermore, there are signs that inflation is increasingly spreading to goods and services that are not directly affected by the pandemic or the war in Ukraine.
Joseph Yam: Competition and cooperation among global and regional financial centres Congratulatory remarks by Mr Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, at the ACI Asia – The Financial Markets Association, Hong Kong, 11 July 2008. *  *  *  Mr Wiebogen, Mr Tan, Ladies and Gentlemen, It is with great pleasure that I join you this evening to mark the inauguration of ACI Asia – The Financial Markets Association. On behalf of the Hong Kong Monetary Authority and the Hong Kong Special Administrative Region Government, I would like first to offer my congratulations to all those who have worked hard over the last couple of months on the establishment of ACI Asia. Special congratulations are also appropriate to Mr Wiebogen and Mr Tan for the foresight and leadership they have demonstrated in this initiative. Financial markets in the developed economies have been experiencing considerable stress. At the risk of oversimplifying it, the current financial turmoil can be attributed to financial innovation creating distortions in the financial system, including the compensation schemes for the innovative lot, to such an extent as to lead to a serious erosion of credit standards. It is at a time like this that everybody should be reminded of the importance of professionalism in finance, at all stages of financial intermediation.