Philipp Hildebrand has quit as chair of the Swiss National Bank less than three weeks after government and central bank investigations cleared him of any wrongdoing.
Knowing what we now know, it does not look as though either investigation was tough enough. And neither, as the central bank and Mr Hildebrand have already acknowledged, were the rules on senior officials’ financial dealings.
Both factors have damaged the credibility of the central bank, which Mr Hildebrand noted in his parting remarks is its greatest asset.
To rectify that, the onus should fall on central bankers in Switzerland and elsewhere to show why, when making investment decisions, they have opted for anything other than handing over the management of all of their assets to an outside party. Read more