Central Bankers in the Line of Fire
The decision in January by Philipp Hildebrand to resign as Chairman of the Board of the Swiss National Bank, after a suspicious trade made by his wife, is to be welcomed. But, while Hildebrand’s resignation should serve as a precedent to be followed elsewhere, the circumstances surrounding his departure smell much worse than what caused it.
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CHICAGO – Central bankers should not only be above suspicion of wrongdoing, but also appear to be above it. So the decision in January by Philipp Hildebrand, Chairman of the Board of the Swiss National Bank (SNB), to resign over allegations relating to a suspicious currency trade made by his wife, is to be welcomed. But, while Hildebrand’s resignation should serve as a precedent to be followed by central bankers – indeed, all public officials – everywhere, the circumstances surrounding his departure smell much worse than what caused it.