ZURICH, (Reuters) – Global monetary policies are moving into a new phase that involves higher interest rates to fight resurgent inflation, Thomas Jordan of Swiss National Bank told Bilanz magazine.

Jordan stated that “It is a new scenario, for the first-time since 2008, we see monetary policy moving towards tightening within most currency areas,” in an article due to be published Friday.

He stated that “We are entering an unfavorable situation for monetary policies: Inflation is already high worldwide and is rising in some countries while economic activity is declining globally.”

The comments, according to the magazine, suggested that there was a shift from the extremely expansive course of action the SNB took in recent years. These include the low interest rate worldwide and large-scale currency interventions designed to curb the Swiss franc’s growth.

When Reuters asked the SNB for its interpretation, it declined to comment.

Andrea Maechler, a member of the SNB’s governing board, stated this week that the central bank will not hesitate to increase policy if inflation remains high in Switzerland.

April was the most inflationary month in Switzerland for fourteen years. Prices rose by 2.5%, which is not within the SNB target range.

Still, Swiss inflation continues to be lower than 8.5% at the United States and 7.4% at the Eurozone.

Jordan explained to Bilanz that SNB’s next policy update will take place on June 16. It will include higher international inflation rates in its evaluation.

He stated that he would analyze the effects of global inflation and account for them.