SNB Move Left Swiss Economy Minister Startled

Having dealt with the Swiss franc’s last currency crisis in 2011, Swiss economy minister, Johann Schneider-Ammann, is no stranger to managing currency induced pressures on the economy. But the shock that hit on January 15th, when the Swiss National Bank removed the peg against the euro, left even the experienced former business leader startled.

“I was surprised!” Schneider-Ammann told CNBC about the moment he was informed of the move. “Though it was clear it was going to happen sooner or later. I immediately said to myself ‘It’s our national bank being independent. A decision has been taken (…). That has strengthened the SNB’s credibility.”

But to Schneider-Ammann, the rise in the franc was by no means unexpected: “The swiss franc is strong, because we are successful, because we have a strong political system, a very sophisticated education system, a focus on science and innovation”

CNBC

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