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PRIZE-WINNING MASTER DISSERTATIONS
07 January 2025

The rise of the Swiss National Bank during the 1970s

In his master dissertation in International History,  Jannik Belser examined how the Swiss National Bank (SNB) managed to forge an influential position within the country’s economic policymaking during the 1970s, despite the mistrust of leading politicians of the time. In this interview, he tells us more about his research, which was awarded the 2024 International History and Politics Department Prize and is now published in open access  thanks to the support of the Vahabzadeh Foundation.

How did you come to choose your research topic?

I started my research with a general interest in monetary policy in the 1970s since the decade was shaped by economic turbulence (stagnation paired with inflation) and the collapse of the international monetary order that had come to life in the aftermath of the Second World War. While digging through the archives, I stumbled across an interesting reference: in 1975, Switzerland’s finance minister wrote a letter to the Swiss National Bank’s directory board and openly voiced disapproval of their policies. From there, I decided to focus on the relationship between the Swiss government and its central bank.

Can you describe your thesis questions and methodology?

In essence, I investigated how the Swiss National Bank’s independence came to fruition under considerable political pressure on central bankers. For that purpose, I analysed historical documents such as meeting minutes or media records from multiple archives, mainly the Swiss Federal Archives and the Swiss National Bank archives.

What are your major findings?

Many politicians, especially the finance minister at the time, eyed the Swiss National Bank’s growing influence critically. However, in an increasingly complex world of finance, the central bank established a position of expertise vis-à-vis the government and became the dominant force in monetary policymaking. This outcome was not driven by political choice but by structural conditions.

What are you doing now?

I am working as an economic journalist for the Neue Zürcher Zeitung, a Swiss daily newspaper based in Zurich.

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Jannik Belser receives the prize

On 13 September 2024, Professor Hanhimäki (left) awarded Jannik Corsin Belser (right) the International History and Politics Department Prize for the master dissertation “Dominant by Accident: The Swiss National Bank’s Growing Influence in the Early Days of Floating Exchange Rates”. Thanks to the financial support of the Vahabzadeh Foundation, the dissertation is now available in open access in the Graduate Institute’s electronic collections.

How to cite:
Belser, Jannik Corsin. Dominant by Accident: The Swiss National Bank’s Growing Influence in the Early Days of Floating Exchange Rates. Graduate Institute ePaper 54. Graduate Institute Publications, 2025. https://doi.org/10.4000/130bc.

Banner picture: Shutterstock/Michael Derrer Fuchs.
Interview by Nathalie Tanner, Research Office.