Small is Beautiful ? La souveraineté monétaire de la Suisse en question

Jean-Francois Ponsot and Guillaume Vallet ()
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Guillaume Vallet: CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2

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Abstract: Since the beginning of the current crisis which has started in 2007, the Swiss franc has strongly appreciated against the main international currencies. This is very noticeable against the euro. It is difficult to evaluate the consequences for the economy. On the one hand, some sectors do not suffer of such an appreciation. But on the other hand, others face problems, which has forced the Swiss National Bank (SNB) to set up an official unilateral peg to the euro in September 2011. Hence the aim of this paper is to question the sovereignty of a small multicultural country like Switzerland, because it faced during its history many constraints which have prevented the monetary policy from being free. Thanks to contemporary and historic data, we shall investigate the concept of monetary sovereignty as well as the theory of money's legitimacy and confidence.

Keywords: confiance; euro; intégration régionale; politique monétaire; taux de change; monnaie; Suisse; Union européenne (search for similar items in EconPapers)
Date: 2013
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Published in Revue Française de Socio-Economie, 2013, 12, pp.27-50

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Journal Article: Small is beautiful ?. La souveraineté monétaire de la Suisse en question (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00926442

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