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.

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