The Swiss National Bank must not go beyond its core mandate of ensuring price stability and contributing to financial stability, but be flexible in how it tackles these tasks, according to President Thomas Jordan.

“A narrowly defined mandate combined with substantial latitude regarding implementation is crucial for the success of our institutions, especially in such acute crisis situations,” Jordan said on Saturday, referring to the Covid pandemic and the turmoil on Credit Suisse.

Speaking in Zurich at a ceremony for the Federal Institute of Technology, or ETH, he added: “It pays for our two institutions to be stubborn on mandate but flexible on implementation.”

After surprising with a rate pause in September, economists now believe that the SNB’s borrowing costs have reached their peak. Yet in recent weeks, officials have repeatedly made hawkish remarks, maintaining that a hike could still be in the cards at the next scheduled interest-rate decision on Dec. 14.