One consequence of the SNB intervention to weaken the Swiss franc, intended or otherwise, is that CHF-denominated mortgages which were extended all across central and eastern Europe are now a bit cheaper for Poles, Czechs and the like to fund. Fewer foreclosures leads to better capitalized banks and ultimately a stronger euro, connecting all the dots.
Keep in mind this is just one factor among many impacting the EUR but should be included in the mix.
Already though the Polish Zloty and Czech Krona are several percent firmer versus the euro and even more vis-a-vis the Swiss franc.
