16 See Report from the Swedish Retail Payments Council (2018) “A scenario analysis of payments at points of sale and withdrawals from ATMs in the event of disruptions to the card systems” Sveriges Riksbank. 7 [8]  Equipping ourselves for the future My speech in 2016 had the heading “Should the Riksbank issue e-krona?” After two years of analysis, we now know that the technological possibility exists and we know a bit more about how the design of the e-krona can affect the consequences for financial stability and monetary policy. We are also working to ensure that the means of payment issued by the Riksbank will have legal support, even in a digital future. But it is too early to be able to answer fully the question of whether the Riksbank should issue a broader variant of the e-krona to the general public. Ultimately, this is a political decision, for which the Riksbank, as an expert authority, needs to be prepared to provide advice and suggest solutions. By starting the analysis and creating alternative courses of action, we have made sure we stand better equipped should cash be marginalised further in the future. As Benjamin Franklin famously said: “by failing to prepare, you are preparing to fail”. 8 [8]
In this respect, it is important to emphasise that monetary policy considerations always take precedence over those regarding the SNB’s balance sheet risks. It is therefore worth repeating that there is a very high level of uncertainty in the international environment. An appreciation of the Swiss franc would again expose the Swiss economy to considerable risks and, once more, endanger both price stability and economic situation. Given this state of affairs, the SNB will continue to enforce the minimum exchange rate with utmost determination and, should the economic outlook and the threat of deflation require, is prepared to take further measures at any time. Concluding remarks In closing, I would like to summarise my message. The unconventional measures the SNB and several other central banks continue to implement are tailored responses to exceptional circumstances. Their impact should nevertheless not be overestimated, and the associated risks must be recognised. Central banks are the guardians of price stability. Taking the broad economic situation into consideration, they can promote conditions that are conducive to growth. But central banks are not almighty. Monetary policy does not create wealth in and of itself, only financial and economic actors can harness the very best of their innovative, technological and creative talents to generate value and promote sustainable growth. References Gurria, Angel, OECD Secretary-General. 2012. “Policy priorities for a stronger, cleaner and fairer Swiss economy.” Remarks delivered at the launch of the 2012 OECD Economic Survey of Switzerland. 24 January 2012. International Monetary Fund. 2012.