(MENAFN- Swissinfo) The independence of the Swiss National Bank (SNB) is enshrined in the constitution, a safeguard its US counterpart does not enjoy. But where does this concept come from, and how does Switzerland compare internationally? This content was published on October 4, 2025 - 10:00 9 minutes

As a reporter I cover developments in democracy where the Swiss perspective becomes relevant. I am Swiss and have long been fascinated by the way public discussions shape society.

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US President Donald Trump makes no secret of his views on the decisions taken by the Federal Reserve. He has not just applied public pressure but also temporarily appointed one of his closest economic advisers, Stephen Miran, to the seven-member Board of Governors of the Federal Reserve System (FED).

Many experts are concerned by Trump's behaviour.“These actions are undermining the norm of central bank independence,” Carolina Garriga of the University of Essex told Swissinfo.“But this is no different than the effect of other actions undermining other democratic and technocratic institutions and norms, unfortunately.”

However, while the independence of the US judiciary system is enshrined in the US constitution, the same cannot be said for the country's central bank.

Where does central bank independence (CBI) come from?

Granting independence to central banks is a relatively new concept. It emerged as a response to inflation trends following the end of the Bretton Woods system. The norm of independent central banks spread during the 1980s and 1990s. In Switzerland, CBI has been enshrined in the country's constitution since 1999.

Read our article on the floating of the Swiss franc:

More More History When the Swiss franc had to learn to float

This content was published on Feb 26, 2023 In 1973 the gold standard was finally abandoned and exchange rates lost their stability, the consequences of which were also felt in Switzerland.

Read more: When the Swiss franc had to learn to floa

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