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  #21  
Old 28.03.2012, 22:24
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Re: the PEG to be raised to 1.35 or 1.40

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Nope. The SNB is supposed to act independently and is not allowed to take any orders from the Federal Council.

Art. 6 of the Federal Act on the Swiss National Bank
Officially they do not have to take orders from the Federal Council, BUT they will, just as last time, act on the basis of consultations with the Federal Council, with both chambers of parliament and with the various sections of the economy. The SNB cannot act against the "advice" from these circles. And last time, when the PEG got places, Mrs Widmer-Schlumpf quite clearly GAVE orders to the SNB, not dejure but defacto. The SNB chiefs therefore are open for the advice from the Federal Council, in spite of "acting independently".
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  #22  
Old 30.03.2012, 10:29
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Re: Economics Minister: The CHF/EUR peg ought to be raised to 1.35 or 1.40

The current exchange rate to the British Pound and the Euro has been disastrous for tourism in Swiss ski resorts. Verbier has suffered heavily, less visitors and less spend per the ones that come here.
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  #23  
Old 30.03.2012, 10:34
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Re: Economics Minister: The CHF/EUR peg ought to be raised to 1.35 or 1.40

I've done a fair bit of skiing this year, and I've never seen the slopes so quiet.
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Old 30.03.2012, 11:48
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Re: Economics Minister: The CHF/EUR peg ought to be raised to 1.35 or 1.40

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I've done a fair bit of skiing this year, and I've never seen the slopes so quiet.
It's scary.

Part of the problem is the arrogance of some of the businesses and more importantly the complete ineptitude of the Tourist Office and the lift company, at least in this village. There is no concerted campaign to attract new visitors, and people have been used to doing well for so many years in spite of a less than perfect organization and infrastructure. We'll see if the 'get it' in the next few years, but I'm not betting on it.

Chamonix and Val d'Isère are busy, FWIW. In the end I think the currency is the biggest problem, especially in these Europe-wide relatively hard times.
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Old 31.03.2012, 22:40
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Re: the PEG to be raised to 1.35 or 1.40

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If you read about it in a paper it's not going to happen.....inside information people could bet 100 of billions & bancrupt the SNB in the process. Personally 1.20 seeems to work perfectly well, CH companies are not collapsing like a house of cards.
How could the SNB be bankrupt by this? Dropping the value of the Swissie essentially involves 'printing' money and buying foreign government bonds. The main risk for the SNB would be stoking inflation.
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Old 31.03.2012, 23:04
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Re: the PEG to be raised to 1.35 or 1.40

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How could the SNB be bankrupt by this? Dropping the value of the Swissie essentially involves 'printing' money and buying foreign government bonds. The main risk for the SNB would be stoking inflation.
And with the low inflation now and even the danger of DEflation, the risk is minimal. Very slow and cautious Schneider-Ammann of course chose his time very carefully to go ahead. This typically Bernese politician does not rush things but carefully takes his timing
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Old 01.04.2012, 01:14
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Re: Economics Minister: The CHF/EUR peg ought to be raised to 1.35 or 1.40

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I've done a fair bit of skiing this year, and I've never seen the slopes so quiet.
from a skiier's perspective....

that's fantastic.
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Old 01.04.2012, 01:39
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Re: Economics Minister: The CHF/EUR peg ought to be raised to 1.35 or 1.40

The empty slopes is not the CHF to blame but arrogant ski field operators who think they can charge what they like and get away with it. I did my fair share of skiing in Austria and even if the rate was increased 20-30% would still be cheaper then in Switzerland.

At least in Austria you can afford the food on the mountains without struggling
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