The key role of the Swiss National Bank in steering the economy towards low levels of inflation has prevailed against demands for policies to boost output and employment in the short run. However, Switzerland has a strong system of organised interests on both sides of the economy, labour and enterprise. Some argue that Switzerland has a corporatist political economy, which explains part of the success story. This is a questionable argument which needs more research. The interesting thing about Swiss corporatism is that it is neither of the strong Scandinavian type nor of the weak US kind. It is somewhere in between, which may help explain why the central bank rather than the government has prevailed when it comes to economic policy-making.