Nije Švicarce briga za obične male ljude, oni žele porast izvoza

 
 
Nagla odluka Švicarske da prestane održavati niskom vrijednost franka može izgledati predaja pred mnogo većim potezima Europske središnje banke da oslabi euro. To rečeno, postoji još jedno prihvatljivo objašnjenje: Švicarska središnja banka je jednostavno promijenila strane u globalnom valutnom ratu.
http://www.gannett-cdn.com/-mm-/7638837c359be38d3d6d2fb8d392948f6ecbc926/c=0-0-340-255&r=x404&c=534x401/local/-/media/Wilmington/2014/04/30/leonidbershidskyno.1.jpg
Leonid Bershidsky
 
Uloga švicarskog franka kao tradicionalnog utočišta dobila je poticaj od europske dužničke krize 2011. Odjednom, svi su htjeli franke, a ne eure. Kako bi zadržala konkurentnost švicarskih izvoznika u Europi, Švicarska narodna banka se uključila, te je kupila stranu valutu u vrijednosti od oko 250 milijardi eura tijekom tri godine, kako bi spriječila da se vrijednost franka poveća iznad 0,83 eura. U 2013. godini je 54,9 posto švicarskog izvoza otišlo u  Europsku uniju, tako da je vezanje tečaja franka za euro bio prirodni tijek akcije.
 
Nakon što je Europska središnja banka postala sve više i više podložna snižavanju kamata i snižavanju vrijednosti eura, vezanost je sve manje i manje imala smisla. Nisu samo švicarske devizne rezerve izgubile svoju vrijednost u dolarima - to nije bila posebna tragedija. Švicarski izvoznici su također postali sve manje zainteresirani za prodaju u Europi, jer je gospodarstvo u regiji stagniralo unatoč ublažavanju monetarne politike. 
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qXhFJevlgpBvG7cJymq2UoFZIkUaYjc/iAkR+7PPpgWtSy1Nda0qKrME9kguDB90GIMiDcRjP8AEeIvSFWoaborOA7wwkjaWchRySwmT1EFbR441U9qbUlIJ/dYyNgfG5O3hc4ncZ7WbJss7BgrU6UGD3AfGDEeFtsZjj2YYVFpVQahb8dJSbCZMAGDcb7SMUcSrVajGpl6o0t7ykTB67yPPYgYU5vLVBFSrVZiJlVWOUQYJOnbYT9cF2NIjU4TlRVUv2zgkApp035y5A8wtvEgXxoKmRyVEugVaBgMrGRq94aGljeQdgNwRPPGtxxyWNPSYbdveXaYgbeM/TAjcahKq6pZz3wo3IPdNxEDeOs9cO2XtbNplq7V2/RqRFMAd6byXMxAIJ6kSJMzYKAp9pvZrMUYc02dRPeQNG83FyLDeT54l7LcbojXV0orAadQUIb3YlqaBunmcP8AJ+0dN/dZGLGAU1qR4HWzFjE9AYg74WOxZXBjPZ3OortTeQxssCxHOT1tztiz/EadHWpLS7AMb6ezVpKyORgT4DTFycU8TosgdkI0q7ECbKOYA2Ftt8ADMzp7RGsPdkXjYE8h1tgvwXV5NLxDN1qtdny1NHQIFEiAsXAsYMTj1aH6xTUcOSkgsRCMCAQqCwkMNwTC74H4VUr5lDSSEVQBCDSByEkXJN+nnizN+yWkCajMReY+V5tgJxwMRxHLrlaetgzUirahvKNceokRini/tLTqqBDtDSrBRIO1pncSPXywLk/ZdTI1G+9h8vh44aUPZtEAI1GJA5x67/GcK2w/KhqnCqb0gCpUwGk++DvJItqk8+pHhjEZzLVgXanUNiQyhiASG02vabH1GNQc1nCNCimeXaXnxJXr64oyeQ0ASWYyWYlbEzM7dTbDuxLBj6mv8SGfKf8A3iiHBns3/p/MY31en053PL0jfEqlJYEgX8YPn5YRW4wqZeozAKtz+IkQPHfGv9l+GqrhasO6gvLCbk6ZA6iPpj05pNUalYG248Opx7mKC916ddUqAWmoCL7rGrAhN2MfbBVSgH7NXCkAi9hPQC4mBG3XCDN+2DjSdAuwvq8fK/nbBBNWoQK+aolAZhXW8db49r8Iyp3ajJ/jX6TgsEkuSpfa9O0BakZ0mTY7kdPLnhaOJ5arClGCioTeZuSTccp5TsBh1T9nMqT71I2/fB++2C8t7OUBtTpnxHKeYPLAFpCbM110MtFVNOTBVgdIgBho3nfpMze4wkXOpSUFRCndSbkRtf8AELjfphr7QezpR9dOdPW8qemoX9TjM16XfBa5BmehB3jZvT1wylTL+BZVqldWJddRnWTBIG1wGuANiFHdIkY+lJwuUKszsG5uyxtvogML8hJ8cfPqWYam3aQCJ7rLcQRBBO6meRHTFtb2hqBopiFO5AUk9WYspJ+Kx16F2JpsLzeXqZfX+tVe8PcElRNj3tJELM2J3EYqfiboWXvVqFWZSdRJi88zyvHQYFqU1zRLNIIAUMSTEXPMTvueuKMvwaoKmikyl7DeAZ5SSIOxieYvgsdGi/xCkU01FFKw7PX72/vWvBvPORcGb0UKmdpd0BWHI6iI84WMIq+UzFCsDUUEqoKxBEHmA1xeQREgg4MzHtHmGAUBr8lSPDpgFRoUrNoqLmGlqixbZQJKxPMN3r8+mOPFKmWIFWCp91okH/qBVgPH44X8P9nMzXClqtOiDDCTrJgzcjujy1Th1mvZCsayualGqBtRqIVUx+LUC41X5j0jBTFg0OXNWnJZDEa4T6soJB/y7bmBivPcXUNdkFuZwqrcSFMqammnUK6ihQ6hpAUoGIHdm07ETAuMFfp5CqCqLAsoEgCSYsV69PXDJolXqfpSVaK0UZS+l0as0Uyo94uNXemIVTOxtfC/Jf8AxxUaj2bZnf8AhA2iwGrbxn74Ooe3Io/q6GXRKamyq0fMDc85nD3Ie0mXzY0VFGo8n+x5/m2C0L8yPmvFvZfOZaXRjUC/iQFWA6wCbeZG2ElXj+ZiC025hZ+d8fW+IIcuGZCdB2YDURaykC7C2035QdsP7U5cSKqoVkmdufMbkSdwdifUoqMr5Mvk8jUrsXcwqg/EjboANyfLmRi8U6QM7pESARBEXKi8b4OyOammV07g3j+MT8gBiOS4atW4IDj3geviPvhNl2CcSz6GAp17CBzHSOUdcD5OnJmkjSWtY2+ZxosvwFS60xBLXYgbKN7zudh5zyw349USggRO6SOX4V2nzNgD54XQbujKZigU0zUZmn/KrGNh1tudsazgHseoHaOVqtvG6i1531Hzjywu9nPZyrmSWWmzKOgsPEnljY8KotQZ6DroIvB8QDPwjDi1ZM26wV0Mn2YhAifyoOm/T1jAeb4c7XNZzfbuj6LONDVyL72krqClgGIFyQhOojyGAOIp2YQsVhxqBBnu270iQcNzjxZCi+REvDb/ALSp/wDkYfQjBNHhdPoT5sT98NBkV7ZqOqanY9sg02eWZdIbUIIIXl+LHuTygbLduJs6jT0VgL+epgMYrX033/WaPTkL34XSFwiz4jFP6MBcKJ6xt8saXIrTLVKbU9bJlBXkvHfIns+6BAgoZMnveGFGR4wzPRDZKiiNURS61XaJaCCCsGRq6HneIxXrRptC9NkFy6ke6NumFn6KBqPRx47g4b8fzVenmKqZcUl70SaYcgQCAoNhM9JsPGffaOs1L9Gy0qa/dqV6iqB3phVAAiJ1eir1xHr5WOSlp+4HUHIgH0HzwXlafdEgYb+1lDiAzLDJ017LSsTl6bAmL94id/HACVM3WyFBqIRazVX7QpQVxolyAAwaF90DwgTglrqKQLSs7SJjTiDKOYwy4WYzGVpVRT7Z0c1kVRAhTpbT+HUZMeBwl4nnKiU3qUqQqv2xQAkhUF21NpvAsLRuMJfiosPRYWdJ/CD6YhSC7aV/pGBuCZqpmSqmj2VWSGAaUPRgTcAXkGY63jEKnG8sKhpqtdgCV7YBezJ2kLOvRNtUeO18aeqifTY0rqOzcAQdJ2tbp5YxlTgyVQYt5fL1xqszmUVEaG71MsR0EC3rf4YhmeFdhU7DWrOwBAEiNRIXcbkg/k4a1oOnfn9g2SRgKmVbLFlYSr2nkfDwPQ+mPf8A/LiomqjVPe2kW8VMbX+GNjxfg7FCHSxG+/zGEXBKhpuabbE/P8Leux8Yw1JPKY8oVZfgB090uP3lsIPMEzIv0nEnyASmZcggTFhJ6SQSSTHPGnzdKHDX0vYiY7wFja4kA/0jC7PZemhk9ms7MTqPleI+J8sNhuKs/mKfZrCjtR7wLEbzqvB3IDf5jj32fy9NmNWoGJglKagiRf8AGYX4sJkepKCjVoPTZRqAGlwLnvDSfRiPAqSOhDDhVRHQJG8FgR7sAED0Gx8ZtOKSJbGvD+Fo5DkBP3uzsD/ALDVHNyN9ugtz/tVl8qSlKnrcWIFgPBnMmfATHhhV7R8Y7OnoQ6TH9IHTx5YxVDImoC9VzTpco3PyvgcqwhRjeWarivtJSzY05nKU2AuGVoqId5V43+R54zXEaOYD/qQa1OO60hWA/dZZsw8JBsRvihaNJf2FSpqH4aqrD+AKmAekgXi/IyKk7GcQ3ZolXBGrw6btVGuTaDpHhP8AYep3x5SapSI1TPz8weeC66AtziYLaj16TG/hi2gFYPSYglZg/OfCcJvAGo4PxvXT0VLgiD4+Ph/fGf42SFqUraQe63OGj0Fov5CMB8FqmSvNTH5+uJe0dXug84g/5TIwJirJcXHZolOnZhqIWJiSVuxFgCDHMsTfBmQycwWAJGxeidXwt8RGF3B67MlN1KqQNEPs3gDyNvrbD+pWZaZJCKYJjUT6AQMAngL4JSAR6p3drGIhVJAEX3MtvsRjL5n/AGitJ92Z9BZR8PrjW8RXs8rpHJdI8rL8Yv64ScGy27Rufz9R8MUxLybGt7LfptHLdmytlUpAGlNu1nvu42Yja9xB64HyHsq+VzVGZ7Jm0jvFlUAEhQPwWmBYX88DZX2dLKXSmWvpJWZkcjpvaRvyOIcWzzZHK9iHYV6lWnUpU3Oo0xTYOzlSZVDp0xaSfE45p3FVE1jTBeIZBatWtVqKGqGvUkkSRoqsEAO40qFA6RhjxarTXKZZ3Ws8aqYWkFm3MlyIEJ47nEKntFlaq9o9KvTqP3jSSnrDN+IrUkLDHm8c5wFU42GpLRNCrPadoGlSqSCNOqQxME7KLnESTajSyio4bsOrZ0LUyeYAIU076jJCiA6sRYkayfNcPstpp1TkLaatOrUnozVCUUeShv6BjGNnqjqtHslFNNUPqJZtRJI0wALnx2GJfpVfWtUsBVQKEYLsEEAkEmSZM8jJxn/jtr9f4KeojU8Bq6uJVitgwdB/k0IPkk4z1M55wrVq1aqiFXIZVCgj8UhREAn49YwMlSuqylV6b3l0ABM77gxO9owK5r1P2mZzDjeGrtFjIMTG9/CMarTa8cIjcb2jw0txGszKdCaX2me4oAHXvA/0kYzeZ4VmTVbMVqRQ1KqWJEjUwRKYAJJ0jSPJSbYzj8L1TLO3i1RjbzJ/M4C/wSlJOlZi88x0vhQ0nHl9UNyTN97XeydTMZ2pXRCZ0hXWoFPdRRIOoEQZvgTiGR1cNoBZha7EFSbCHAaRynY7bYxtL2foMR+rQegwZleFUxU1hRrn3vlvinp8K+A3G84QO1zmXzAF6iHtCOTLTZSD5bemMxm6VegzVUqBA7tIYSjaXYXFiGBBBgg+dsD5rhQ1F7o5EFkOkkdJWDG2I5TL1KUmjmK1Mncioe94kEkE+JE4haNe6Hv+jR8OrmysNGYq5ao4UeBUA+tyOcKehwkylGCNoG3oLYGGWfX2va1DWBDCqWlpFgZO4i0bQY2xc/EMyxIY0PMUANR/iIaY5wmnFacHD7FOSkNM5nxTzFLLnLrUVlpoW7QqV1MVELpIIG/Lp0w706+JPJnSwHotMf8AnGMTnOJVkzFOvUpJUYMraVYqCU2uQxW8GL7eOGeX9qAj1XfL1ZrBu8hDaNe8g6Zi1x42xk9KSjx1+7L3Jv7Fwp02d6+VzRV2cuyqWUnU346LAahykjbAPGaRHZuLQdJ9fdPoQMNsvmsq/wCzaXFgDTZWHoRtbcHFfF6E0XtyJHgRcHHZpJUY6jyEO/aUCYmQGHmO9HxEYEzKuw7sBY6gW64v4O36oeo+eBez7i2QhRBDL0Mb36dMadGfYvz9V6KFiOQUQZmTM7CL4M9nM3NMMd4ifMlvpGLMm5FiiaTaF585jSIIgGfAYR5DNKrVKYsJBA6ahMeX2jBdD5Je0VbXWVORufLlirNVQzpTNhHLkAL+p2xT7TKyVFqAHQQBqi0m8T1wNXo9qqvTPfH5IxJaCqlIcqaKDtpEH47n1wSBzMXvgJahEs6osDvN4dJxGpwutmP1i91dlBkWHO3XfDSsCfE3IaQJnxsehx7lEC02Z2hje3lAGJV+DVqdZk1aVEmGE87R59RGxm9sCZrhGYbZpjlEf+/XCxwCyH+zQJNZyDpkd7kSBe/WOXjgfi2akqOpJv4CcO+FZR/0dKQGlVpd59M/rKveI3iwt/mHS+T4rknp1gGOo6gBAiQwjbrcjDxYuWbrK5ZmMIVVVAXSVJkQbCCANibgzPxMrZU00IhFFpCJE3G5n7YXZHLvpRn1CoRfQQJHKQbfe+GmcRijCDq0yNQLMYvsD3R47eGEiWEcavStyjAvAVAQYI7QPSB6ifkDgPgpILDocVeSeg7PUZGrXVQC57Oo6A+JCkSYwoznCqaB2QANuWa5bxLG5+PTD6ofhhP2p1FD+73THOSpXyMT8fDGGq9rT67NdNbk0X5XMhkXu6VCLE789+VtrdMdVqqrSRI0za5tuPPAnC52IIPeBnlDT98Ciu3aMD7oMj+kT9T8R0xm5ulnyaKCtjWnxUGjrWgBU1hdDsdo3kbGCNsUUSYpE2MsGg7yDEkATYbxiFVgAbdG+B/sBiGYeKbEbqwP9Q0j74hKn9lc/oVV3fttepoTu6ZsQbsY52I+Hjj2rUG5juzM+An6YurgFmI/EA3oR/phcWnWPG/9GKX+vyg7+GHWKtP7jb9CN/l8sUPVuqn8R0/FWP8A4x5kYtoVB2LKd6asPRhKn4W9DgTM5imugvqPMaVnYiSY25jCy00PCaaCaQgqWE6TH2/viNBRpYcjP1OL84Ic9NQP9Rj6zioNGu37w+ZGLTt37ENUq9zlWoK2tS2kQrJPdPpyM8/TF9fOqVDCwJ6zEnSBMdWGAyztVKs2qme6ViN1mQwvMn647iFFezu9OkAwUa20iVk2J3IOkx0xksKvKRq8v7CMmWCsJIgsAR0mR5b/ACxPN1ngxd9wY8pt8TiNRgHZQQZVSCNoa0j4Yr4SS1jeHLf5WJY/cemKc3Sl7E7Fle5VxHMO9STATV3fQgGfH++LHzRYkAAAEDfluW9L28Me1AezQcyZP1++BxRmUkXaGAvAidPhIgnwOLc2mo+xKimmxnwqqHUkXE2JG/j5HEuLvFJj4HEqKhRA5YV8azEqE/eMf3x0rCOd5Y04SsUhgRo0n3Zk2B0tGo/1ethguoezo35DA+YtTVHAKwJkT5yOX5vihA1eiyU2dA7MoJCtp5CSTp6DGNy9KpUzbKO6QdJnlpWP/HG1oMi6tBkaSSNWoCB52kSIFjhdwJf9srVGGoBoPK8BZ5c1bAik6GWeyOvLtRcFiUgVIMa0EgHkDsR64xeT4NVW4crOwHP7Y+mUqiguADFQFpmYKxI+ax94xmKmXNaotMWRfej8R6eWE76CLO4Z7MCqabVKjMVN1Pu+DAACDcjGrq5yhShAY0jYKT8+uAq1QIhRCERR3n5Abct56Df44zWZz1+5Rpsv71YEsfGxAA8AMO6FVmqzA1QtQhpns6ovq8J3nwNx4iDjNO1ShX01DqptsSANPlG4/Pmfw3iGhzRrrpDGL+6SNr8vA7g+uGXFOHiqnZn3h+zfnbkfH6/TNe4+AWpVnskuAGLmCbhLRHOSRv8AXCf2vKqcvWCadLDU02lGDAQTuBqMgActxizh+YMgN7yShHnB/wDEfHF/Fsktem4gl9JK3tC8gOpk38cCALydVdCmpOlO6YYj3bKSVIMQD8RzjBdPiADwLKecT63kv535b7Yz3sVUdmMvYd0396F1I3qoI8xhlxiuRUBBkx0su+/jHjPlfADWQrLMabtSMgKbSI7p90x5W9MD56adQOPdb8/T749zLa0Womo1KY795ld/iN4UdbDFzMKqR1G/juDgEF068rvOFfEXEqJjU2jxBIDq3xXAWVzrU27Nxt+ZnEuI1S8KqTJBL6oK6TIgRfEzzRcMMNTMyO8YdDDR1iJHgbfTlijMdoK+nUOyBVSgUSZRZJO5Mn4CMVVsuZ1airNsQOlyL9T98evQtDszltyxk7Rv5Yx9KsdGvqd9hFKoikioyhApWWYDewNzE/fAmaztMUmBJJqKAuhS9xJBkW3PXFCcMpqsACJmPvgrQAAIthrT/vwLecM1URLU9UrAv7s3IPhOx3vHlSoKp7utpkiYmQQbxbfBU2xXq3xooojcytmYJ3RdqeggmOVj6H5E4qSoXJZk0wIHembkzsI8sFJVAkfPFSnD2q7FudUc2dciTRHdAAipMwRF9P5k4qqcWqEECgFEySHk3aSBIi8kYk1a2KhU+eJ9NFb2SXizmdFEhifeciBaJgb49aoKgRCrfq9UlwO8zGSwuZFhvHzxxGCFIiMLYkPe2D0+JUh2YJaURUYmmYOkWiJMTO+Cck4pjfemVHnHdH1xWsb4JpEYXpqqG5vknmjBQTcAn02/PkcK+HtpJ6mGM9TIJ8/7Y7NpTq1HDiSo7vhEWwFmVEghyI8bevLFOFuxRlSof1s1AnYYB4Kpr1u0PuJt4nCqmz5lxTp7HdjtjV1TTytIIp2HqTzJ8Scar3M2ecQra6i0xsO83kP7m3riqo4lmaV/jUfWxjzPxG2BaaFVJYHtKlyIuo5ePjb7YOoFgFUKWnZluDPX93x5YZNFfHEqCgHp6SFBLabatIBUDexkHnN8U8JyAXLlajGapMsLGRuwPmCZ8cS4vVLFMvSN3Om1oCkM7eUgLH82I8brgVqdFDampHwEH7DFAEZiuVSZuqkepgfXHvA6BClpu+xPIDdsKc2xqOlIbm7eGNhlsuFCiIEC3lsfAfU38lHIPAjz9CrWhKQCU1PvNz6uRzPyFh4YBf2Zo/jcu3NpP2EDyxqMxmQO6FLsB7i8hyJOyjxYjCCtn6gJ/WUE/hh6kf5lgH0w8IFbDFNOsCNSuD4g/wDrHZXNEHs2MjZTN7bDz6b+u2Bc9ktZLKU1X7wU0j8TC4qyeVXUC4Z25BmANv3dqdT5HwOMkUzuP5bSwrJsbP8AZo/PywKM8VelUmwlT5m4+MH4jGkNVailSZmx1cj0YRIPpjJcTybUqhpVLI4mmwNt5BnwMW6Th8iROu36NmAywKVaGRuSsDseg7zIfBhhzURq5102WwhlYkFSPATO/UDxwn4ctOvTNCsApUxM3VvHqCPkRivIZY5bMaHLgj3TqMkc1n8Ue8vUBhvhjDaOYNJpU6lFm6E9PifKbciMTGZFJgVM0m/6T+75bx9sMqWVQy1VldQvcsACDI3FtXwgbXmM5Xyr0ajSCVW+hhG4tI3NpsfDCoE7H2fyqVqchgGAt/bCN3qUveEr1A+v99vHEkzBpnVRJK815jyPMed/PB6cZp1UKsSCRF+R6xvgDIBl+Ko5hibWA5efni6vngbAfTCfN8OWZmDzI+Foj741PDeG0MvTavmGLACyvaLbETBYm35nDpPgbwLjmD0H9X+mPVzHl9fvjQdrkcyh7E0ywF9Jhh6WP2xj6mSrh2VVDKDZtQEjyJxLjQJ2M+1HX5f64gKg5HAS5PMf8P8A61/vibcPzI3ov8VP3wBRf2g6n4j+2LFI5fXCtaVTVpZdHi/dHpO/pMc4wSSF7jFSSffBPd8NNpwwLalVYxWtYQf74HzEghVYOx2CzPwO+C6fAswQCQFn95v7A4KAj2wjn8cQbMDqficdW4aBZswk9FBaPhiH+HUhvXY/ypH/AHNiRhOVDOdKBmPQSfny9cHZrh+Yp0y5ptAE2Ib5Ak4tOfXI0EFNS1VjYWk9SbeQ8Jti/Ie1NdzozFKlpcEdx7iBuVm4+HPFpIlt9GCGbqNUlQbk7iPrbDGjw0uQarHT0Xc+A6n5YYcarU1qqVbT3AIA3ufHqMVpVqG6JpH/ABKndAi/MT8BhfBQ4qV6OVWEjV1Ik/8AvAKt/wDdmCZF0p8zOzEcvAH1wDTqqrSs1KnJyLKdwVXl5mcGZTIFyK1a/JhPjBPp/fBYqoKyzNUl2JWpNiR13Mc1Ph9sX+0BelQYUwAT736wgmNypiwJgeOoTzxLNZlKOkssvFj7ovtqPjvpucSoZcn/AGjMnSgulM2LEbMy8lE91N7yb2FpEgmRyzZama1V4qMoCgASoGw71gPCPvhBlMy36zMOZnupb3vGPEx8sEcXz75tyAYQe+3JRvE4N4XlVbTWcRRQfqkNtUb1D4YVlfI29nOHR36sa2uR06DywdmMwKh7pczewEkDYibIs/8A2Na1tWKaNO2usQobZWt6kb+S/GY04qzXG0RSVACg+/ViJHMIbT4sWPlsHZHLLP0Z2WArMm+mlIQnq1V71G/ijFFbJmbUKI/meT8ZOEmc9ohVPeepUPhJHpMD4YoHEVP4an9P+uJstJjSpx1lb9rUF7e/f++LRxqnVEOEcneIRj6iJ9QcHfojbuQSNgq2Xae81ztvGF2Z9labSx1qT/GAPmsYhDdBKZxJALMeQm1RRPInuuL+6fgMEcVympNFSGpsZSouwPIjmrfwnflPJPX9lqwT9W/aLyVt/QrP2xPhHGqlGaFdCUMghr+nRh4YomvAur5CqHAAHaAd1thVRfHky2sescwcEUM/SzCdhmlIKmzbPTPgfzy3tjQfogJ1Uay6CJAabRErO/Te42wNxzgK1NDFlWoTp1IZkQTpMwDtz29cMLFtU5rLDUP1tP8A4tODPi9M8/4gfXlhoKozCrUUgs1yv70CzCYIvpnpBB8UL5rM5M966A+8NvUbrPjboTi6hxfL1O8VNJyZLU4APiVgqT4kT44LCiyplCN1KGbalgGL87b2wFmKRMa0Vp6WIvyI2w7pV15ZgODuri3nub/mMSp0aLEKdAPUO33+OFgLM6aFMR3qiHoQHj6Yur0qrJoYF6Zm+nboSJ2nGmpcLywlqjDwAcn1nFyZ8OexyyzA35KOp+2HQtxj8pQXuOqqrqbMgABF5Bi1vpM47iHEXWp3ADIvcDnbffDP2gzi0tNFCO6CWPibn1Jlj5jCXh+UFbvgFhsNJ2jr9cJlo9PGCPfpP13Hx3wZw7i6Fv1bvSfkG91vA8vp4XxHNZalq7I1IbSJJ2EbCZthcmRQVFGpWJ/duJtaepE2wYA2zZijmUKOBI94fun7HmDjNHg0M2uoTpNuumDvvN8VtxVlZqYIiIJO/SfE/fBCLUrkuigrt3pi3QgG/jgyKqGns3klop2jHVVcXboOg6f6YF41xFXBLORSQkED8TdPSNsK6/FGpdw91lGxmNo8+W8YXVuJGqtyNU+7NyTyHpgywSJNxIt+ypADqx6YhXDkMXaI5IPvgzLZdVF1qMeSaCL87xHzwZppMp760yRdXsQdjGAot4dW7QqzXIGkfn1x5mspUNUKtpEhjtzBHjH3wiHEArtonSDY9Y+l5xrshxijmKaq501l9J8VPX+H64dEvBPJcArjUQwYxErv9ZFsCZvgxDsXqob/AI2026X574PzLZnKmQO0Tqov6ruD5ThfX9u+WmTzGDAshOUp0kU7OSQQKZ1bRsdj5b9AcF0aVRrrT0TfVUkfBWEesHyxmantg4HdMf64CzHtBXq7FiOuw+Jthj2s19biVGg2t2FSqBA6KJkwbmTFzzgbCAM7nOJVM24AOlJgtyANrD77YT0Ms1Q3ab7/AIRPMnn8sajJjswFZdO0ORpB6kg3EfA4TYVQcnC6Yo6FotVQX7rqQSDqloMmYgz1wQa+gyQKlfki3VOgge8R4f64CzOaaCb+YUEf1K1gfLFNTjApqRS7g2YjdvI3YjwFh9FYqPKtOvUrsahVXNhrgaQOQWwHl8sV1/ZqkxBq1i7dWLGPABVAA8sK2zrCpqVDffUQt+tzi8cQrMZ0auulwfph2Ohvl/ZRACaXeA3KsZH+U3+Ij54gKAW0gfzLJ+OoT8MMfZjN9qZEgrEjYjpbDfjGSp9pOs0yRJUAETe/hPTDq8iunQzrUe7I3JJH8I8PE9f/AHjH8Vzqo5W7PzC3jzPIxhxX4vVo1DRNEuJjp6zB9fLGd9psz+jaaaWqOC7tF7ki3mQTOM+RpUVZriLBL0X8LYHynFIvUYybBGW0HwNr7Yp4Jwqvm2nUVST32mTFyACRMczMD5Y1q8Fy1Kn+s1ODzck6/wCVLCPEx64e0LSEtJ6evUEDhrEBjpBPhv0EzE7QMN6bFVn9HcBbmw5AyLuThDxDsb9nS7Podf2ED0vhdQzrqP2h8RYj4TOAKNPn8k9Ya2eFX3QhVmXl35He3NuXTnhDneDmZ7NavVqZ0MPNDi5eNa10lZiwYG8Dz+gOLaWdBKgkf5rH8+IwArENbJop7zVaf/Mp/cb4imWQn/eVj+Rsa92WbDUOobf0J++E+by6k/s1A5alH2YT8cFjB6K5df2mYZ/AAj6D74vzHtKAnZ5ZNHiBf0At6k4orcOUXC0j6MPucdR4Y9Ww0Iv8Ox+c4aaBoHHA61ZGbbmQdz1M4L4d7PKTpLNTeBIHMeHhj0UK2VYMptzI2/zLzGNpwpUqqWFgVsDuD09D9sOxN0KqfB0p6VgEReRM33wLxEUCx7QDSosgi/jH0+PLD3OHuKeYOn4mPrhHxXLBdKlpZr2E/DmOW0euFwJGXzlOnUc6aIpztHhz2A+m+B8xSYWvAgAdOkdMah+HgrqW/S83H1/Ppy8M1bjp9cKyzNLlJHeExtPxw14VmUjs2pgU95A68z187Hpg2pw+bRufpi4ZFVWWMH578h18fLBdibCeF1w4tMcp3/Pji7N5CkRqdFJ8t/XEctSVKfaXB5g7naSSbk77k4ZQGdByF/ht+fDDomxDV4LTFMvUAVQLDaPz0GMjnKdPUdGqPED/AN42PtW5dkpj3RfzJ/sPrhcuVpp3TBPP64V0UuBbk+O5mmAFqal5K5DR8bjyBx7mOMVKnv0cux6kf/1izNrRU7bk28ORxWrqD3FGrYQVvPhOCx0Ry+TZjJFGmP4VH1M4IqZITEEwJliD5ReOR6Y9XNBPGN4PxlTiqrn6byWlSdiuwHIEdPLqbHABbZYOoKevP0A2PlGCH4iWJYnTGxIm/wDLcC3W98CZHhVSqNQYBJ3AufQx88F8Q9m6irqQ6oGxsflbAID7dSQIUgmToJUGL3XlfpGHnDK1AETRA/igN9QCfjhCvs1mGEzHocQbK5jKkM/ep8+Y/wBDh0DNVxj2eoVF1KoUxIenYGN4G0jcqb7wbHGGzeUqUHAa83VhsYPyI5jlj6fkWAplie6Ib1Hh1wl4nRVqIbTHeBUMNw0x/wBMfAYqyUyfAs64oLmFUM4lGB/GBBB8x188C5jN5nMHtSoWdhPLliHD+K/o6srqTTO0GY6wNoOL6ntZlWiCVgAQRz588LkZ9J4r+2fzx8z/APkL/fB/y1/7nx2OxHYQNN7Nf7ov/IP/AO3BPtnuP+Wv0x2OxfRP/R8x4r75/PLA1LYfnnjsdhrgstoc/wA8sMsz7j/yH647HYkbJcH/ABfyj64Lq+56nHY7EiA22Hlg7hn7Mev1OOx2EPoPzf7M+X2wz9if2P8AlH0GOx2KIfB3EfcP/NX/AL8DcU2PljsdhsS5AslufIYbcx5fbHY7EjZFvd9ftijL+8/kcdjsCAGzf+6jy++GuU98fyjHY7FAJ+Pft/X7DGBP7Wt5P98djsKJa4Baf2+2GGV3P8p+mOx2LkM8qe76YrqffHY7CQjeez/7Kl5/bD7OfY47HYkl8h2R2/PhhR7Tf7tW8seY7FELkC4n/ug8h/2YrzH7Oh/ym+hx2OxPZS4EvEfcPljGV/eOOx2NNMpH/9k=
U studenom 2014., zadnjem mjesecu za koji su dostupni podatci švicarske carine, izvoz u Sjedinjene Države - drugog najvećeg partnera Švicarske nakon Europske unije na koje je otpadalo 21 posto švicarskog izvoza u 2013. – povećao se za 10 posto. To je bilo četvrto takvo dvoznamenkasto mjesečno povećanje za redom. Izvoz u Europsku uniju, suprotno tome, pao je za 2 posto. Došlo je do snažnog rasta uvoza iz SAD-a, i slično strmog pada izvoza u Europu. Švicarsko gospodarstvo je izuzetno fleksibilno, može brzo preusmjeriti trgovinske tokove, kako se obrasci potražnje i  tečajevi valuta mijenjaju. Premda Švicarska ne može u potpunosti odustati od Europe - ona je, na kraju krajeva, okružena Europskom unijom - neuspjeh europskih pokušaja za oživljavanje gospodarstva i očekivanje da će euro i dalje slabiti, što čini preskupim održavanje konkurentnosti u EU-u, prisilili su švicarske monetarne vlasti da se okrenu prema drugim tržištima. Ona uključuju Latinsku Ameriku i Aziju, gdje je dolar tradicionalno mnogo važniji od eura i gdje su brojni ugovori sklopljeni u dolarima.
 
U tom kontekstu, izjava Kita Juckesa, globalnog stratega francuske banke Société Générale, u četvrtak, ima puno smisla. Juckes je napisao: SNB ne "odustaje", nego samo mijenja stranu. Nakon što je dozvolila tržištima da se raščiste, dodatna intervencija je vjerojatna - ali možda, američkog dolara prema franku, a ne eura prema franku, s dodatnim naglaskom na ponderirani trgovinski indeks. Uostalom, vjerojatnije je da će marginalni kupac švicarskih luksuznih roba danas biti u Pekingu ili Šangaju, a ne u Frankfurtu ili Parizu.
 
U kolumni u njemačkom dnevnom poslovnom listu Handelsblatt danas, Wolfram Weimer predlaže da Švicarska uvede euro - onda ona ne bi bila prisiljena kupovati milijune eura tijekom tri godine kako bi zadržala svoju izvoznu konkurentnost. Mogla je jednostavno stvoriti veliki trgovinski višak s drugim zemljama eurozone", "upravo kako je to Njemačka napravila". Problem s tim argumentom je da se Njemačka danas bori jer eurozona u cjelini stagnira. Švicarska je, s druge strane, zadržala svoju sposobnost za manevar, a to je ono što radi - bez obzira na to što gubitnici zbog jučerašnjeg iznenadnog poteza mogu reći o pukotinama u njenoj vjerodostojnosti. Nakon što dolar raste kao rezultat prestanka američkog kvantitativnog popuštanja i u očekivanju povećanja kamatnih stopa tijekom ove godine, prodaja na američkom, kao i drugim tržištima koja se temelje na dolaru, postaje lakša i privlačnija za izvoznike posvuda, ne samo u Švicarskoj. Indija, Japan i eurozona - svi žele komad američkog ponovnog rasta. Objasniti to u terminima valutnog rata, borba se prebacuje na američku frontu.
 

Leonid Bershidsky, Bloomberg, SAD