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 (UBSN), 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.
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