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dimanche 3 juin 2012

Swiss politicians (incl. ex-UBS Oswald Grübel) tell SNB to give up $EURCHF 1.20 peg back to 0.90


03. June 2012 09:40; act: 03/06/2012 09:41Print

Civil warn of the "big bang"Civil warn of the "big bang"

Bourgeois politicians and Topshots from the economy to take the policy of the National Bank to target. The minimum rate of 1.20 could be a boomerang.

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FDP Chairman Philipp Müller and Christoph Blocher, the SVP National Councils and Peter Spuhler see in the minimum course a danger.
The euro crisis has worsened this week, upward pressure is increasing on the franc. Now ask heavyweights from business and politics: The National Bank (SNB) should be the minimum rate of CHF per € 1:20 to give up.
Ex-UBS CEO Oswald Gruebel wrote in his column in "Sunday," it was "only a matter of time and the evolution of the crisis €" that the strategy of the minimum rate should be abandoned. The sooner the SNB do this, the better: "The longer we hold on to it, the higher the price we all pay for it."
The Zurich Financial Professor Martin Janssen agrees Grübel: "The determination of the minimum rate of 1.20 was acceptable in anticipation of a stronger euro again. But now, the euro and thus the Franc against all other currencies continually weaker - although the market forces pushing for a much stronger franc, "says Janssen" on "Sunday.
The choice between the plague and cholera
Holding the SNB rate artificially long threatened at 1.20, in two or three years more worse crash to 90 cents. Janssen calls for an "exit strategy". The SNB could gradually improve the Franks: "Every quarter of a cent, from 1.20 to 1.19 and so on."
What would be the "free" exchange rate can not be determined.UBS calculations based on purchasing power parity are shockingly low 93 cents of per euro. FDP Chairman Philipp Mueller says to the "Sunday": "Switzerland has a choice between a rock and a hard place: either based on the franc, the SNB at 1.20, with the risk of huge losses on the foreign exchange reserves. Or they are at the minimum rate, which would probably mean parity and exports would fall. "
Blocher and Spuhler warn
SVP strategist Christoph Blocher says: "The SNB must be aware that the minimum rate of 1.20 in the long term is not enforceable.At some point you must back the free market determine the exchange rate. "Why did Oswald Grübel" "basically right. Blocher is a question mark at the time: "When is the right moment has come to let the price fluctuate freely again, must ultimately decide the National Bank."
Entrepreneurs and SVP National Peter Spuhler is pessimistic. For "Sunday paper" he says, "I expect a big bang huge in Europe over the next twelve to 24 months." Therefore it need tools to curb any further appreciation of the franc in an emergency. Spuhler, but doubted it, "that capital controls are technically feasible." Such had proposed National Bank President Thomas Jordan in the Sunday newspaper. Foreigners could only be limited to investing in Switzerland.
Left and center for a minimum price
Pascal is skeptical Gentinetta: "Capital controls are a handle to the poison cupboard," says the director of the economic federation Economiesuisse. "It is a massive intrusion into the free movement of capital."
The situation is different in the mid-parties and the SP. They support Jordan in its line. Susanne Leutenegger Oberholzer (SP), Hans Grunder (BDP) and Christophe Darbellay keep the "foreclosure of the capital market in an effective way." The Left wants to even go further: "It takes organizations a waiver of the big banks in francs specula ¬. And the federal government would in an emergency even a ban on "issue for home sales, calls for the SP. 

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