Swiss National Bank President Thomas Jordan spoke in interviews with German-language Neue Zuercher Zeitung and French Le Temp.

“We always take all decisions together, after an intensive discussion,” he said “It goes without saying.”

Jordan is putting his faith in negative interest rates as a deterrent.

“After giving up the cap and introducing negative rates we must expect that interest rates in Switzerland will remain low for some time,” he said. “Negative rates will have a strong effect over time.”

That’s incredibly naive. Money will flood into Swiss hard assets like real estate from places like Russia and parts of the eurozone concerned about a eurozone breakup or political instability.