“Der starke Franken: Des einen Freud, des anderen Leid,” SRF 4 News, July 15, 2015. HTML, AUDIO.

• Who knows whether the Franc is overvalued.
• The SNB lost credibility in the short run (and this renders reinstating an exchange rate floor difficult), but not in the long run.
• Some of the current problems are problems of distribution. The SNB may not be the appropriate institution to address them.
• Switzerland wants an independent monetary policy. Here are some disadvantages.