Bloomberg News

Switzerland’s Schneider-Ammann Says Franc Strength Here to Stay

August 01, 2011

July 31 (Bloomberg) -- The Swiss franc’s strength against the euro and the dollar is here to stay, heralding some “extremely tough years” for exporters and the tourism industry, Swiss Economy Minister Johann Schneider-Ammann said.

“The franc’s current strength is more than a temporary phenomenon,” Schneider-Ammann said in remarks prepared for delivery today. “In the foreseeable future, the franc won’t return to where it was two or three years ago.”

Companies are sacrificing profitability to make sure their order levels are “at least to some extent” maintained, Schneider-Ammann said. The fundamental changes caused by the euro-area and U.S. debt crises are “too far-reaching” for the effects to pass quickly, he said.

--Editor: Paul Verschuur

To contact the reporter on this story: Klaus Wille in Zurich at kwille@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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