Yep … The SNB didn’t tell Lagarde about its plans …

  • The International Monetary Fund’s head, Christine Lagarde, called the move “a bit of a surprise”
  • She was surprised that the governor of the Swiss National Bank had not contacted her, and said she hoped he had communicated the plan to his fellow central bank governors

The Wall Street Journal (not gated) teases out 10 lessons that can be gleaned from Lagarde’s criticism of the Swiss National Bank’s action Thursday. Here are a few, but the article is here with the full list.

3. Swiss central bank chief Thomas Jordan may not have warned European Central Bank chief Mario Draghi and others about the move, either: “I would hope that it was communicated with other colleagues from central banks. I’m not sure it was.”

5. Expect more exchange-rate volatility ahead, particularly if central banks fudge communication strategies that are now almost as important as policy moves: “Clearly what is needed is cooperation, collaboration, communication.”

6. That’s why central bankers must take greater care than the SNB showed Thursday to avoid global financial instability: “I think I understand why he’s doing it, but talking about it would be good.”

8. In contrast to the SNB chief, the Fed boss is doing it right: “The IMF is supporting the policy of Janet Yellen, who is communicating very clearly.”

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