• Swiss franc peg has been effective and franc should depreciate over time
• Peg has limited damage to Swiss economy
• Short-term global outlook has worsened over last few months
• SNB’s baseline scenario sees Eurozone growth in 2013, yield data supports forecast of a gradual EU recovery
• Draghi bond-buying has calmed markets, announcement had positive impact in Switzerland
• Structural reforms are crucial to ending the debt crisis
• EUR/CHF at 1.20 or 1.21 is still too low
• Doesn’t expect Switzerland to fall into recession, growth will be ‘moderate’
• Swiss labour market will lose some momentum
• No threat of inflation in the foreseeable future
• Negative inflation will end this year
• Franc hasn’t depreciated as much as forecast but SNB will continue to enforce the EUR/CHF peg with utmost determination
• Ready to take further measures at any time, peg policy remains correct.