The SNB’s decision was motivated, at least in part, by aversion to being caught up in the ECB’s QE programme. For Mario Draghi, the ECB president, the SNB’s decision is even helpful, since it weakens the euro. For many in northern Europe, however, the Swiss decision will be painful. It will remind them that they no longer enjoy the pleasures (and pains) of a strong currency. The Swiss can readily stop shadowing the euro; the Germans have been imprisoned in it.
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