Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Schneider-Ammann Says Swiss Central Bank to Defend Franc Cap

Swiss Economy Minister Johann Schneider-Ammann praised the franc’s cap against the euro and predicted the central bank would defend the policy.

“I am satisfied that this limit exists,” Schneider-Ammann told reporters today in Brussels after meetings with European Union officials. “I am very confident and convinced that the national bank will in fact defend the limit as it has said it would.”

The Swiss central bank has said it’s ready to protect the currency ceiling of 1.20 per euro as Europe’s fiscal crisis clouds the region’s growth prospects, making Switzerland’s economy more attractive for investors. The franc is considered a haven in times of global turmoil.

The Swiss National Bank said at its quarterly assessment in March that it expects the economy to expand about 1 percent this year. By contrast, the European Commission projected in February that the euro-area economy would contract this year for the first time since 2009.

SNB President Thomas Jordan said on April 27 that policy makers are ready to take further measures if needed to weaken the franc as its strength poses “major challenges” to the economy. The ceiling was introduced last September.

“It was an absolute necessity,” Schneider-Ammann said today.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.