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S U B S C R I B E
Tuesday, 5 June, 2012
Should SNB abandon franc-euro exchange cap?
It might seem that not a lot has changed since the Swiss National Bank set a 1.20 exchange rate floor against the euro last September. There’s still uncertainty whether Greece will remain in the euro. And fears of debt troubles in Spain and Portugal are growing. But not everyone’s convinced that the exchange rate cap is the right policy. The latest heavyweight to call for a rethink is former head of UBS, Oswald Grübel. In his weekly newspaper column, he says it’s only a matter of time before the National Bank gives up on its currency cap and that the longer Switzerland sticks with it, the higher the price will be. To find out whether Grübel is a lone voice or speaking for many, WRS’s Vincent Landon spoke to Janwillem Acket, chief economist at Julius Bär, and began by asking him if it was time to abandon the franc-euro cap:
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