Swiss Industry Braces For Strong Franc Battering by swissinfo.ch
Despite the removal of the franc-euro exchange rate peg by the Swiss National Bank (SNB) in January, job cuts have been minimised. However, layoffs could intensify toward the end of the year as a strong currency really begins to hurt competitiveness.
The past six months have been tough for Rolf Muster. “The machine-tool industry is used to weathering cyclical crises, but the situation is really serious today,” says the head of Schaublin Machines SA, a business in canton Jura specialising in the construction of high-precision machinery. “We are in a plane without a pilot and nobody seems to realize that we’re headed straight towards a wall.”
The sudden appreciation...
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