Switzerland: Selected Issues Paper

International Monetary Fund

No 2012/107, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues Paper on Switzerland focuses on unprecedented currency appreciation and policy response. On September 6, 2011, the Swiss National Bank (SNB) surprised the market by explicitly committing to defending a floor of 1.20 on the exchange rate of EUR/CHF. The introduction of the floor was appropriate in light of the growth and deflationary risks and limited alternative policy options. From a global perspective, the SNB move may spark emulation by other countries experiencing appreciation pressures, but the specific circumstances of Switzerland may not be present elsewhere.

Keywords: ISCR; CR; euro; term structure; appreciation; franc; Policy response; SNB move; SNB balance sheet; SNB bill; Exchange rates; Currencies; Financial statements; Monetary expansion; Global (search for similar items in EconPapers)
Pages: 9
Date: 2012-05-08
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