• Swiss franc peg has been effective and franc should depreciate over time
  • Peg has limited damage to Swiss economy
  • Short-term global outlook has worsened over last few months
  • SNB’s baseline scenario sees Eurozone growth in 2013, yield data supports forecast of a gradual EU recovery
  • Draghi bond-buying has calmed markets, announcement had positive impact in Switzerland
  • Structural reforms are crucial to ending the debt crisis
  • EUR/CHF at 1.20 or 1.21 is still too low
  • Doesn’t expect Switzerland to fall into recession, growth will be ‘moderate’
  • Swiss labour market will lose some momentum
  • No threat of inflation in the foreseeable future
  • Negative inflation will end this year
  • Franc hasn’t depreciated as much as forecast but SNB will continue to enforce the EUR/CHF peg with utmost determination
  • Ready to take further measures at any time, peg policy remains correct.