This paper sheds light on an overlooked issue in economics, namely the social responsibility of central banks in a democracy. We consider central banks as institutions of power, and, as such, neither are they nor their policies neutral, in the sense that there are inevitable winners and losers....

With the recent tensions within the euro area, the Swiss franc appreciated sharply against the euro, playing the role of international safe-haven currency. Although Switzerland is not a member of the European Union (EU), its high degree of de facto integration to it make that such appreciation...