The executive body consists of three members with equal rights who jointly carry out the tasks defined in article 46 of the National Bank Act and bear joint responsibility for them. First and foremost, the law describes these tasks as conceptional and operational monetary policy decisions. The Chairman does not have any special powers. Consequently, responsibility is shared. Transparency and accountability are crucial, particularly in times of crisis, when the information needs of the general public and financial markets, as well as other authorities, are increasing exponentially. We have responded to this need. For instance, information on central bank balance sheet items and SNB Bills has been stepped up, and our news conferences can now be watched on our website. During the course of the crisis, in particular, at the time of the measures to strengthen the Swiss financial system in October 2008, the number of appearances of Governing Board members before parliamentary commissions increased significantly.8 I would like to hazard a guess that the SNB has never been as transparent as it is today. In this respect, it also stands up well to international comparison. 7  This is also laid down in the Message on the revision of the National Bank Act with regard to art. 7 para. 1 NBA (6191), “The SNB’s decision-making autonomy must be retained because its accountability would otherwise inevitably come into conflict with its authority to act independently of instructions (under art. 6).” Consequently, the SNB bears “sole responsibility for the mandates described in art.
We maintain, against all temptation of nilateralism or deregulation, our commitment to the multilateral rules of the game in place since 2009. And we are stabilising these rules once and for all: there will not be a Basel IV. In sum, 2017 positively marked a turning point for both the United States and France. The beginning of 2018 has thus been characterised by a welcome optimism, but one which must not act as a disincentive: confidence yes, complacency no. We must not lie back and enjoy the return of blue skies; we must take steps to ensure that this improvement is transformed into stronger and sustainable growth. To this end, I wish to make four collective wishes for the coming year. 2. Four wishes for 2018 My first wish concerns Europe. This does not so much concern our monetary policy, which has 1/3  BIS central bankers' speeches  entered a gradual normalisation phase, and which is a success; I will not discuss it further this evening during the "silent period". 2018 must above all be the year of Economic Union, which still largely remains to be built. We must now or never take advantage of the recovery to tackle the shortcomings of the euro area. Because France and Germany’s electoral calendars are aligned for the first time in 15 years, and since last Friday, there is a prospect of a pro-European coalition in Germany.