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SNB Should Keep Franc Limit, Industry Group Tells Tages-Anzeiger

June 4 (Bloomberg) -- If the Swiss central bank abandoned its limit of 1.20 francs per euro and allowed the currency to appreciate, the consequences would be catastrophic for the country’s exporters, Hans Hess, head of industry group Swissmem, told Tages-Anzeiger newspaper.

Many small and medium-sized firms and their suppliers wouldn’t survive such a shock, and large companies would transfer jobs abroad, Hess said according to the newspaper.

Oswald Gruebel, former chief executive officer of UBS AG, yesterday told Der Sonntag newspaper the central bank should give up the currency cap arguing that the cost of defending the limit will rise the longer the ceiling is maintained. Link to Company News:{SNBN SW <Equity> CN <GO>} Link to Company News:{UBSN VX <Equity> CN <GO>}

To contact the editor responsible for this story: Klaus Wille at kwille@bloomberg.net

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