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The euro area crisis is the main external factor threatening the Swiss economy. In 2010 and 2011, the Swiss franc was … rapidly appreciating against the euro, causing a drop in exports, losses for the tourism business and a rise in unemployment …. This paper gives an overview of developments in the euro area and explains the reasons for the strength of the franc, the …
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Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks whether monetary policy could not have been improved. In the last three years, Euroland was confronted with the first external shock. Oil prices increased considerably, leading to...
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