accountability. Decisions having a direct effect on the tax burden of the citizen cannot be left to the discretion of the SNB. The …

We argue that there is a natural trade-off between the independence and the accountability of a central bank. Economist …'s emphasis on the independence aspect has contributed to creating situations, where the central banks' accountability is largely … insufficient accountability can violate its legal mandate. We illustrate this by comparing the lagela rules defining the Swiss …