BERLIN (MNI) - The "massive" appreciation of the Swiss franc is a development that must not be underestimated, the Vice President of the Swiss National Bank, Thomas Jordan, said in the text of a speech to be delivered on Tuesday in Vienna.
In the course of 2010 the Swiss franc has risen by around 10% against the dollar and by around 15% against the euro, Jordan pointed out. "For the Swiss export sector such a strong franc is from a certain point onwards a large, in part hardly bearable burden," he warned.
"Especially in the case of a marked overshooting of the foreign exchange rate, there exists the risk that the existence of otherwise solid firms would be seriously threatened," the SNB Vice President warned.
"Given the importance of the export sector for the overall economy
impact negatively in the end on the overall economic development," Jordan remarked
Uh OH! what have i been saying, look where the franc is,...... DOUBLE BOTTOM!
In the course of 2010 the Swiss franc has risen by around 10% against the dollar and by around 15% against the euro, Jordan pointed out. "For the Swiss export sector such a strong franc is from a certain point onwards a large, in part hardly bearable burden," he warned.
"Especially in the case of a marked overshooting of the foreign exchange rate, there exists the risk that the existence of otherwise solid firms would be seriously threatened," the SNB Vice President warned.
"Given the importance of the export sector for the overall economy
impact negatively in the end on the overall economic development," Jordan remarked
Uh OH! what have i been saying, look where the franc is,...... DOUBLE BOTTOM!