• Franc and Yen are safe havens, both countries have felt the repercussions from Europe
  • Challenging times ahead for Europe and the world
  • Swiss Franc is ‘ still highly valued’
  • Swiss exporters face a difficult situation
  • Growth may be 1% this year
  • Balance sheet expansion is not without risks, but the SNB must bear these risks to meet its mandate
  • SNB assumes Eurozone will remain intact
  • Swiss exchange rate policy has been effective
  • ECB has ‘really changed’ investor sentiment