Binding franc to the euro is not compatible with the powers of the National Bank, and would not make sense, the head of the Swiss National Bank Thomas Jordan.
Jordan responded to criticism from the Swiss business and some politicians who expressed disapproval sharp « takeoff” on Thursday of the franc against the euro and the dollar. Following the session on Thursday, the Swiss SMI stock index lost 8.67%. It was the most serious decline since 1988 is particularly sensitive grew course hit the banking sector, including its flagship Credit Suisse and UBS
« We are aware of the difficulties” to be faced by the company as a result of the decision National Bank, Jordan said. « It is important that the economy did not react too strongly and deeply analyzed the current situation, “?? he said.
As explained Jordan, artificial maintenance of the exchange rate of the franc to the euro at a level no higher than 1.2 to 1, it was an exceptional measure, however, observed in the last weeks of the depreciation of the euro against the dollar and increasing the attractiveness of the franc as currency -ubezhischa made the task to further the conservation of « ceiling” course extremely difficult. Central Bank was forced to carry more massive intervention in the currency market.
According to Jordan, if the National Bank continued the old line, « would risk losing control over its monetary policy in the long term».
« We came out of a major economic crisis,” ?? reminded the head of the National Bank, noting that the current situation in the Swiss economy is much better than three years ago.
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