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Ex-UBS CEO Gruebel Says Franc Ceiling May Damage Swiss Economy

May 20 (Bloomberg) -- The Swiss central bank’s defense of the franc’s currency ceiling against the euro may cause “considerable damage” to the nation’s economy, Oswald Gruebel, former chief executive officer of UBS AG, wrote in Der Sonntag.

The policy means the central bank has lost its independence and exposes Switzerland to euro-zone debt, Gruebel wrote in the Swiss newspaper. The strategy should be reconsidered at some point, he said.

To contact the reporter on this story: Simeon Bennett in Geneva at sbennett9@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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