In an interesting Blog the dependency of Switzerland is described. Before the financial crisis the country had run large and rising current account surpluses and kept a stable exchange rate against the Euro without the need for any intervention, proving that these surpluses constituted market equilibrium. However, with the outbreak of the financial crisis speculators started to consider the Swiss Franc a safe haven, driving the currency to a level at which the export sector could not compete any longer. The SNB intervened heavily and then fixed the exchange rate against the Euro. The cost of defending the Franc limit is becoming apparent and the economy is far from immune to the risk posed by another exchange rate shock.
English: http://www.social-europe.eu/2014/01/swiss-policy/
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