Predsednik upravnog odbora SNB, Thomas Jordan, održao juče predavanje na
Université libre de Bruxelles gde je govorio o položaju Švajcarske u Evropi danas, naravno uz osvrt na monetarnu politiku. Zanimljiv tekst, ceo .pdf
ovde. Za ovu temu zanimljivo je npr. ovo (boldovi moji):
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A few weeks ago, on 15 January, the SNB announced its discontinuation. Publishing such a decision as a surprise announcement for the markets and the public was unavoidable. No pre-emptive guidance is possible for this kind of decision. Any guidance would have invited speculative attacks. Markets reacted accordingly, and the Swiss franc appreciated massively within minutes after the announcement. Although some of the overshooting has since been corrected, our currency is still trading at a significantly overvalued level as we speak.
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Despite this increasing regional diversification, Swiss exporters remain strongly dependent on the European market. Today, the EU market still absorbs more than half of Swiss goods exports. The European sovereign debt crisis, amid the sharp weakening of domestic demand in the euro area and the dramatic appreciation of the Swiss franc against the euro, has thus heavily weighed on Swiss exports. While the demand effect dominates, the negative impact of the exchange rate is very significant.
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The unavoidable discontinuation of the minimum exchange rate against the euro is a powerful example. It provoked a strong reaction on international financial markets and, as a result, the Swiss franc appreciated sharply. The significant overvaluation of our currency means that the Swiss economy, notably the sectors exposed to intern ational competition, is currently facing strong headwinds and a number of challenges.