In a 180-degree turnaround, the Swiss Fed abandoned in force since about three years minimum rate of 1.20 francs per euro. The German press comments on the step with care. “Has the Swiss central banker packed panic,” it says
Badische Zeitung. Under the title “franc appreciation: Dear join the euro, “the newspaper writes:”… The solution lies – as once for Germany – in the larger currency of the upward pressure vanishes in Euros addition, Switzerland had as a euro member again influence on the monetary policy of the European Central Bank Now she is depending on their decisions, but shall have no vote. This suggestion is strong stuff for the proud of their independence Confederation. Of course, the membership in the monetary union is not risk-free of charge. This showed the crisis in some euro countries. The membership fee but lower than the cost of an independence at any price “
” Switzerland if the euro zone’s back to “
Westfalen-Blatt: “. Now exists between the Swiss franc and the euro so nearly Parity: A Franken costs a euro, which is about 20 percent more than the day before. The only good thing: tedious Convert deleted. Otherwise, the step of the Swiss central bank, like a thunderstorm surprised the markets yesterday, not a good sign – at least not from the perspective of euro countries. Once more it becomes clear how much the euro as a result of the policy of the European Central Bank (ECB) has recently come under pressure. Perhaps it will not be long before there is parity between the dollar and the euro. This depreciation of the euro, the Swiss do not want to stand it any longer – and ask their support purchases to hedge the minimum exchange rate. This makes the export-oriented economy in the country whose products are more expensive, as well as tourism. Holidays in Switzerland is a luxury. Switzerland harms himself important, however, is also the fundamental signal that sends the Swiss central bank. She returns the euro zone back on. Quo vadis, poor euro “
” The Swiss central banker has the panic seized “
Donaukurier: ” The abrupt change of course sets the suspicion that the central bankers has simply packed an der Aare panic: Given the expected for next week decision of the European Central Bank to buy up the fight against mini-inflation and economic weakness with billions of corporate and government bond and the Euro continues to weaken, the Swiss monetary authorities would be well advised deep into trouble “
” The Swiss economy is under great pressure “
Nürnberger Zeitung. “For all those in this country who still dream of returning to the good German mark, Switzerland yesterday offered a vivid lesson in. You decoupled from the Franks Euro, and within seconds, the price soared into the air. The result: The goods of the neighboring country are considerably more expensive abroad, the pressure from cheap imports will push the prices in Switzerland. In short, the economy of the country is under great pressure “
” Switzerland is impotent, as they believed. “
Rheinische Post:” As the Swiss central bank 2011 band the franc to the euro, it has violated the principle of good monetary policy: an independent central bank secures the value of the currency, but not the domestic economy. The Swiss, however, wanted to protect their exporters. They have paid dearly for the promise that more and more euros and they had to buy government bonds in order to maintain the minimum exchange rate. And hastily pulled the ripcord – Before the horror never ends, the central bank has now opted for a terrible end. The damaged although their credibility and the Swiss export sector, but in the end she had no choice. Swiss monetary policy has failed because it has not reckoned with the European Central Bank (ECB). The many years has no interest in a strong euro. A weak euro eventually acts as a stimulus program, helping to avert deflation. Next Thursday will go back to the government bond buying new blow to the ECB.
SNB decision to dissolve Swiss Exchange record slump from [No available link text]
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