The finance and economics ministers have dismissed calls for a government intervention to halt the ascent of the Swiss franc amid concern over massive job losses.
Eveline Widmer-Schlumpf and Johann Schneider-Ammann said in separate interviews in several Sunday newspapers that they saw no need for urgent measures and pleaded for patience.
Widmer-Schlumpf was quoted as saying the Swiss National Bank had done what it could last year to prevent inflation and to prop up the economy. She ruled out pegging the franc to the euro currency. Both ministers stressed that the National Bank was independent in its policy.
Schneider-Ammann also hinted that the government might consider a new economic stimulus package.
For her part Widmer-Schlumpf said she would welcome the reintroduction of a gentlemen’s agreement to dissuade top banks from carrying out speculative currency transactions but warned of high expectations.
Representatives of the export-oriented Swiss engineering and machinery industry have warned the strong franc could result in up to 50,000 job losses.
The cabinet is expected to discuss the currency-related issues next Wednesday.
On Friday, the economics ministry invited representatives of the business community and trade unions to top-level talks amid concern over the high costs of the Swiss franc against the euro and the dollar and its damaging impact on the economy.
Popular Stories
More
Aging society
No house generation: the impossibility of buying property in Switzerland
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Strong franc talks produce no easy fix
This content was published on
He was speaking at a news conference in Bern after top-level talks organised by the State Secretariat for Economic Affairs (Seco) mandated by Swiss Economics Minister Johann Schneider-Ammann. “If it continues, the high cost of the Swiss franc vis-à-vis the euro and the [United States] dollar entails considerable risks for the Swiss economy,” Gerber said.…
This content was published on
Retailers are even more optimistic about increasing turnover and profits in 2011, shrugging off the possibility that more Swiss shoppers could opt to buy goods over the border to take advantage of a weakening euro. While a 1.7 per cent increase in turnover across the Swiss retail sector may not seem very large, Credit Suisse…
This content was published on
The value of the Swiss currency, most notably against the euro, is causing alarm among Swiss exporters, particularly those who sell in the eurozone. Their products are becoming increasingly expensive. Europe, and in particular Germany, are Switzerland’s largest export markets. Invited to the meeting, which is being organised by the State Secretariat for Economic Affairs…
This content was published on
The Swiss Business Federation, economiesuisse, supported the banks’ argument that there is no need to renew a “gentleman’s agreement” with the central bank to prevent currency traders from betting against the euro. The strength of the safe haven Swiss franc continues to haunt exporters and the tourism industry as it reaches new heights against the…
This content was published on
The Swiss Federal Mint’s origins go back to 1848, when the modern Swiss state was founded, and the prerogative of coinage passed from the cantons to the Confederation. The introduction of the Swiss franc, considered one of the world’s strongest currencies, also took place then. Since then, Swissmint, which is based in the capital Bern,…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.