We, as a central bank, are also active data user, simultaneously producing and disseminating large portfolio of statistical data, which is why we have huge responsibility. First, to provide timely, quality and comprehensive data consistent with the highest international standards. The membership in SDDS plus standard – the IMF’s highest standard since the beginning of this year – is a proof for these commitments; Second, to put all available data into active use in our analytical work, in order to make appropriate decisions on the basis of data and information; Third, to provide a transparent, regular presentation of our statistical portfolio to the public. As a central bank, we understand very well the need for our statistics to be communicated to the public as clearly and frequently as possible. Although statistics is everywhere around us, the statistics itself consist exclusively of numbers. “And they are not enough to tell the story – in order to mean something, we must revive their intrinsic value.” That’s why we, over the last few years, have been making great efforts to bring the statistics closer to you and to the public through direct communication. We started to publish regular statistical press releases, trying to explain what the latest statistics on the economy show. We are trying to standardize these press releases so they can be easily followed by the public.
Switzerland, as an open economy with an important currency and a leading financial centre, has a vital national interest in participating actively in the reform debate. The IMF occupies a central role in the international monetary system. Therefore, it is natural that the Fund has also come under scrutiny, and its many activities are being reviewed. Judged by the recent proliferation of conferences about the international monetary system, one might conclude that the system is in need of a major overhaul. This is not necessarily the case. I share the Managing Director’s view, expressed recently in Nanjing, that the current system, despite many imperfections, also has good features. What is required are improvements, not revolutionary changes. In other words, the current system can be strengthened while preserving its core features. If progress is slow, it is because even small changes typically require difficult political decisions. Continuous dialogue and cooperation are therefore essential. Only through a regular and open exchange of views can we hope to forge a common understanding of the strengths and weaknesses of the current system and address any remaining shortcomings – step by step. Since our last conference, the international community has made progress on the reform agenda. The Fund has greatly increased its capacity to provide financial support to members and adapted its lending tools. It has modernised its surveillance activity, for example by introducing new tools to track spillovers. Furthermore, it has reopened the discussion on the management of capital flows, although admittedly this has been controversial.