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Today: January 15, 2025
March 2, 2024

Swiss National Bank Chairman Thomas Jordan Announces Early Departure After 12 Years Amid Turbulence

Thomas Jordan, the Chairman of the Swiss National Bank (SNB), has revealed his decision to step down in September, three years earlier than planned, marking the conclusion of his eventful 12-year tenure. Jordan’s leadership at the SNB has been characterized by numerous challenges, including the collapse of Credit Suisse and currency volatility.

Announcing his departure at a press conference, Jordan cited the perpetual crises faced by the SNB during his tenure, stating, “Since I was elected to the board on May 1, 2007, there has been virtually no quiet period. One crisis has followed the next.” Despite successfully managing inflation, Jordan faced criticism for the SNB’s handling of the Credit Suisse crisis.

While speculation surrounds potential successors, including Jordan’s deputy Martin Schlegel and former SNB board member Andrea Maechler, Jordan emphasized that his decision was not influenced by the Credit Suisse episode or governance critiques. He declined to comment on whether a woman should replace him, leaving the decision to the SNB’s supervising bank council.

Although Jordan’s departure comes ahead of schedule, his successor will be nominated through the conventional process, ensuring continuity in the SNB’s leadership. Jordan assured that his health was not a factor in his decision, emphasizing his commitment to the SNB until his departure in September.

The announcement of Jordan’s resignation impacted currency markets, with the Swiss franc easing against the euro. Praised as a diligent technocrat, Jordan’s tenure witnessed pivotal decisions, including the abolition of the minimum exchange rate against the euro in 2015.

Despite criticism over the SNB’s handling of the Credit Suisse crisis, economists recognize Jordan’s successful stewardship. Known for his unorthodox methods, such as introducing negative interest rates, Jordan’s departure marks the end of an era at the SNB.

Barbara Janom Steiner, SNB Bank Council President, expressed regret over Jordan’s decision, acknowledging his significant influence on the SNB’s monetary policy. Economists anticipate continuity in the SNB’s approach, given Jordan’s lasting impact on the central bank’s operations.

In conclusion, Thomas Jordan’s early departure from the SNB signals a transition period for the central bank, prompting speculation over his successor and reflecting on his influential tenure amid financial turbulence.

Rajan Shukla

Rajan Shukla

At our news portal, we strive to be your go-to destination for staying informed about the latest developments, breaking news, and insightful analysis across a diverse range of topics. Whether you're interested in politics, technology, health, entertainment, or global affairs, we've got you covered with comprehensive coverage and in-depth reporting.

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  135. Different signs of the altering fashion appeared within the nave home windows; the richness of colours of the early Chartres home windows was still there, but the ornate medallions disappeared, and elaborate canopies and arches, just like the structure of the church, have been positioned over the figures to spotlight them.

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  137. Between 1953 and 1957, Sir Alastair Pilkington and Kenneth Bickerstaff of the UK’s Pilkington Brothers developed the revolutionary float glass process, the first successful commercial application for forming a continuous ribbon of glass using a molten tin bath on which the molten glass flows unhindered under the affect of gravity.

  138. Horvath backstopped Molde to a 5-1 aggregate victory over Pyunik within the second qualifying spherical of the 2015-sixteen UEFA Champions League, earlier than a 4-4 aggregate loss on the away goals rule to Dinamo Zagreb in the third qualifying round.

  139. Nonetheless, he later made a mistake in the same recreation and permitting the identical participant to equalise, but Chelsea nonetheless secured a 1-1 draw that was enough for computerized UEFA Champions League qualification.

  140. On eight June 2022, Chhetri performed in opposition to Cambodia in 2023 AFC Asian Cup Qualifiers where he scored a brace, from a penalty spot and a header from a cross from Brandon Fernandes, by which India received 2-0 in Salt Lake Stadium.

  141. Founded in New Zealand by Ray Consolation, as a free evangelistic newspaper, in 1974, Residing Waters sponsors training conferences for Christian leaders and publishes CDs, DVDs, books, and gospel tracts, in addition to producing evangelistic motion pictures and documentaries.

  142. Interestingly, the boots aren’t modeled after the shoes that Hillary wore, however rather are replicas of the ones worn by Hillary’s most important Sherpa, a Nepalese man named Tenzing Norgay.

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  144. Whereas I had been in skilled care for years, my psychiatrists had diagnosed me with and treated me for bipolar disorder, so it wasn’t till I began relationship a doctor (who was able to observe me for longer than 50-minute intervals) that my BPD was acknowledged.

  145. In 1879 he joined with Candace Wheeler, Samuel Colman, and Lockwood de Forest to form Louis Consolation Tiffany and Related American Artists.

  146. Tian becomes close mates with Cheng Yanan and Sun Hao; the second male pupil at ZhengZe, he’s also friends with Track Xiaomi who needs to be in a relationship with him.

  147. First, you might have to verify you have got the proper proportions in your concrete mixture after which you have to persuade the meant sufferer to keep still for a couple of hours while it hardens round his or her feet.

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  149. The following week, an Italian army crossed the Alps and fought with the French Chasseurs Alpins (Alpine Hunters), the Regia Aeronautica carried out 716 bombing missions in help of the invasion of France by the Italian Royal Military (Italian: Regio Esercito).

  150. Timbits are a play on the phrase “tidbits,” and if you’re a fan of Tim Hortons, you know that it’s inconceivable to go away the restaurant without snacking on no less than one (or a number of) of those fried donut holes.

  151. Your workers accounts for 90 of the “optimistic feelings” that show attendees have about the show and your organization, making the individuals you send to characterize your investment extremely essential.

  152. In consequence, the stained glass has a outstanding unity of model, exemplified by the windows of the nave, and significantly by the north and south rose windows, with their delicate stability of reds and blues.

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  155. Though autopen signatures ought to always match one another, they’ll finally change as the signature drum turns into worn, and thereby alters the signature.

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  157. This might vary from a bunch’s de jure barring of women from positions like priest, bishop, pastor, rabbi, or comparable clerical figures, to gender discrimination at the level of local congregations that prevent girls from rising to any position of particular status or energy.

  158. Unlike within the United States the place subtitles require a special decoder, most European networks subtitle their applications using the Teletext mechanism which also provides access to pages of reports, weather, monetary quotes, and different data.

  159. Pool mechanical rooms house the pumps, filters, heaters, chemical treatment techniques, secondary disinfection systems, and plenty of other items which might be important to the operation of a swimming pool.

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  161. The reference card is offered as a PostScript file which, when printed on a PostScript printer, produces a one-page reference card that lists greater than 230 French “glue words” along with their English translations.