• Franc and Yen are safe havens, both countries have felt the repercussions from Europe
• Challenging times ahead for Europe and the world
• Swiss Franc is ‘ still highly valued’
• Swiss exporters face a difficult situation
• Growth may be 1% this year
• Balance sheet expansion is not without risks, but the SNB must bear these risks to meet its mandate
• SNB assumes Eurozone will remain intact
• Swiss exchange rate policy has been effective
• ECB has ‘really changed’ investor sentiment