The head of labor for the State Secretariat for Economic Affairs expects slow growth in Switzerland in the coming year, and doesn’t expect the economy to shrink.

Serge Gaillard told the TagesAnzeiger newspaper he is optimistic in the long-term for the Swiss economy, but the strong franc is still pressuring industry, tourism and other sectors.

He also said he thinks the eurozone has a coordination problem, but will act to solve its problems in the last minute. 

Gaillard also thinks the Swiss National Bank’s minimum rate to the Euro of CHF 1.20 could hold for years if necessary.

Meanwhile, the SNB only had to intervene in currency markets last week to the tune of 238 million francs more than the previous week.

That is the smallest increase in currency trading defending the minimum exchange rate to the euro seen since mid-May.