The Swiss Franc within an Euro Environment

November 23, 1998
12th European Finance Convention and the Euro Week, Vienna

Download file now

The file can be downloaded with the button below.


In a few weeks, the historic step of introducing the European Monetary Union will create a new environment for monetary policy in Europe. The participating countries will be affected, but also the countries remaining outside.

In Switzerland, we see the appearance of the euro as a unique chance for Europe to promote monetary stability. A more stable monetary regime will be beneficial to everybody and will promote transparency and efficiency. We expect the Swiss franc to play a less important role as a transaction currency and the euro to be accepted as a means of payment within our country.

Being a revolution, the introduction of the euro will be a source of uncertainty. But, as soon as the European Central Bank will be well established, we will have a good chance of seeing lower exchange rate volatility and lower interest rate differential between the franc and the euro. In the long run, given the strong correlation of economic fundamentals between Euroland and Switzerland, the foreign exchange market will consider the euro and the Swiss franc as two sister currencies.

Additional files

Related content


  • Jean-Pierre Roth
    Vice Chairman of the Governing Board

Your settings

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.
Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB's internal purposes and are kept for two years.
Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB's website) will be activated which collect personal data, process these data, disclose them abroad - worldwide - and place cookies. The relevant data protection regulations are linked in the 'Privacy statement for the website of the Swiss National Bank'.

Choose your preferred settings:

This website uses cookies, analytics tools and other technologies to provide requested features, content and services, to personalise the content shown, to provide links to social media, and to analyse the use of the website in anonymised form for the purposes of improving usability. Personal data are also disclosed abroad - worldwide - to video service providers and the analytics tools of these providers are used. More information is available under 'Manage settings'.