Federal Council Committee meets following SNB decision

Bern, 15.01.2015 - The Federal Council Economic Policy Committee has taken note of the decision of the Swiss National Bank (SNB) to abandon its policy of maintaining a minimum exchange rate for the Swiss franc against the euro. The Economic Policy Committee, comprising the heads of the EAER, Federal Councillor Johann N. Schneider-Ammann, the FDF, Federal Councillor Eveline Widmer-Schlumpf, and DETEC, Federal Councillor Doris Leuthard, discussed the situation following the SNB decision at a meeting on Thursday afternoon chaired by Federal Councillor Schneider-Ammann. The Committee considered information provided by the President of the National Bank and discussed the potential repercussions for the Swiss economy.

The SNB's minimum exchange rate policy was an important and successful instrument that allowed Swiss businesses to plan with a degree of certainty, but was always a temporary measure. The Federal Council Economic Policy Committee is confident that that the National Bank will guarantee price stability and take account of economic trends in doing so. There is no doubt that today's decision by the SNB will present major challenges to the Swiss economy and in particular to the export and tourism industries. It is therefore all the more important for the Federal Council to continue its policy of strengthening the general conditions for the Swiss economy and safeguarding jobs in Switzerland (bilateral path with the EU, flexible labour market, attractive tax conditions). The Federal Council Economic Policy Committee will continue to monitor the situation and advise the Federal Council.

Address for enquiries

André Simonazzi, Federal Council Spokesman, Tel. 058 462 37 03

Noé Blancpain, Head of Information EAER, Tel. 058 462 39 60


The Federal Council

Federal Department of Economic Affairs, Education and Research

Federal Department of Finance

Federal Department of the Environment, Transport, Energy and Communications