When suave, forceful Swiss National Bank chairman Philipp Hildebrand resigned in January because of contro versial foreign exchange trans actions conducted by his wife, many bankers and analysts feared that the central bank's independence and monetary policies would come under threat. After all, Hildebrand had faced heated criticism from some right-wing politicians over the previous year for his efforts to stop the appreciation of the Swiss franc, which had caused massive trading losses at the central bank.
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