On 15 January 2015 the Swiss National Bank discontinued the Swiss franc/euro minimum exchange rate introduced on 6 September 2011. This decision was totally unexpected, surprised eve-rybody and came as a shock to the Swiss economy for which the European Union is by far the biggest export market.
Immediately after the publication of the Swiss National Bank’s decision, the Swiss franc appreciated from 1.20 to 1.00 swiss france to the euro while after the first shock the situation has improved to level off by mid-February 2015 at approximately 1.065-1.08 francs to the euro.
Swiss exporters having their main export market in the EU and their main cost base in Switzerland are affected most as their cost base increased overnight by more than 10%. Most of them had already sourced their purchases in euro wherever they could, but those with a substantial workforce in Switzerland were hit by the currency-induced rise in personnel cost. This article shows how Switzerland adapted to this situation.
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Gili Fridland Svensson is a managing associate and Dania Salvisberg-Schneider is an associate with VISCHER’s labour law group, and Yue (Fiona) Gao is an associate on VISCHER’s China Desk
Schützengasse 1
P.O. Box 1230
8021 Zurich
Tel: +41 58 211 34 00
Fax: +41 58 211 34 10
E-mail: gfridland@vischer.com
dsalvisberg@vischer.com
fgao@vischer.com
www.vischer.com
