The proposed legislation gives the SNB the authority to determine which banks and which bank functions are systemically important. Thirdly, the SNB should be given improved access to information that is necessary for macroprudential analysis. In this context, the Federal Council announced that it would look into ways in which the SNB could gain better access to information from banks in cases where FINMA does not have the requisite data available. To the extent that the existing legal basis does not provide adequately for this, the Federal Council intends to submit a proposal to Parliament in the near future. The SNB welcomes the progress made in the area of macroprudential policy in Switzerland. What is crucial now is that the appropriate measures are indeed implemented. This is all the more important in view of the fact that the risk of imbalances in the mortgage and real estate markets has increased over this past year. Moreover, owing to its focus on the minimum exchange rate, monetary policy is currently unable to react to potential imbalances in the mortgage market using the traditional instruments. We will therefore continue to work within the relevant committees towards a rapid implementation of an appropriate, streamlined macroprudential policy framework. The decision as to what framework will ultimately apply in Switzerland lies, however, with the policymakers. BIS central bankers’ speeches  3
Michael C Bonello: The euro and beyond Welcome address by Mr Michael C Bonello, Governor of the Central Bank of Malta, at the Conference “EMU Governance and Euro Changeover – Malta on the Path to the Euro”, Valletta, 1 October 2007. *  *  *  Prime Minister, President of the European Central Bank, Mr. Jean-Claude Trichet, Commissioner for Economic and Monetary Affairs, Mr. Joaquin Almunia, Excellencies, Distinguished Guests, Ladies and Gentlemen, Malta’s forthcoming adoption of the euro represents the final step in the country’s integration in the European Union (EU) and is clearly a major milestone in its economic history. The presence here today of such a distinguished gathering indeed testifies to the importance of the occasion. I therefore would like to start by joining the Prime Minister in extending a warm welcome to President Trichet, Commissioner Almunia and our other guests from abroad, including the Governors and other senior officials of twenty-two national central bank members of the European System of Central Banks. Reaching this milestone has by no means been an easy task. At the level of macroeconomic policy, difficult decisions were called for, and taken, to start addressing existing imbalances and other impediments to growth in order to satisfy the Maastricht criteria. As for the logistics involved in preparing for the change of currency, a wide-ranging effort has been undertaken during the past two years to mobilise both the public and private sectors and to coordinate preparations at a national level.