I am delighted to see you here today at the SNB’s General Meeting of Shareholders. A warm welcome to you all. This is already my thirteenth General Meeting as Chairman of the Governing Board, and also my last. It is therefore a particular honour and pleasure for me to be able to speak to you again here one more time. ‘The spectre of inflation is back’ – this was the sort of headline that was commonplace in the media from mid-2021 onwards, both in Switzerland and abroad. After years when it had been exceptionally low, inflation suddenly returned with all its might across the world as the coronavirus pandemic subsided. ... (full story)