Newspapers Condone Swiss National Bank's Decision

Newspapers Condone Swiss National Bank's Decision by Jeannie Wurz, swissinfo.ch

The Swiss National Bank’s decision on Thursday to do away with a lower limit of CHF1.20 on the exchange rate for the euro dropped like a bomb on pretty much everyone both inside and outside of the country. Newspapers saw the decision as extreme but understandable.

Constantly having to weaken the value of the Swiss Franc must have increasingly “robbed the Swiss National Bank directors of sleep” wrote the Zurich-based daily newspaper the Tages-Anzeiger. But the bank is far from “off the hook”. If yesterday’s extreme increase in the value of the franc doesn’t correct itself, there will be “disastrous consequences” for the Swiss economy, the paper said.

The way...