Since last summer, Switzerland has been suffering the effects of the negative developments in the global economy, and particularly the escalating debt crisis in the euro area. The uncertainty over the debt crisis led to a massive appreciation of the Swiss franc during the summer months. In their search for safe financial assets, investors drove the Swiss franc to an all-time high against the euro in early August, which posed an acute threat to the Swiss economy and carried the risk of deflationary developments. In response, the Swiss National Bank (SNB) set a minimum exchange rate of CHF 1.20 per euro in early ... (full story)