The Swiss Franc in an international environment
Bruno Gehrig, Member of the Governing Board of the Swiss National Bank
Conference «Swiss Plus», London, 20 April 1999, 20.04.1999
Complete textPDF (20 KB)
For a long time Switzerland enjoyed a comparative advantage in terms of political and economic stability which clearly stimulated the development of the financial sector and the cross-border use of the SFR. In some instances, the demand for SFR investments was so strong that the SNB introduced highly interventionist measures for a limited period of time.
Today, with world-wide disinflation and globally connected financial markets, the risk of an excessive SFR appreciation seems significantly smaller. The policy approach of the SNB fully relies on truly open markets, a sound infrastructure and instruments that utilise - rather than restrict - market processes.