The Swiss currency is highly valued and any further appreciation would have serious consequences for the economy, Swiss National Bank board member Fritz Zurbruegg said in Basel on Thursday.
The central bank has capped the franc at 1.2 per euro since September 2011. Zurbruegg said the SNB will defend the currency ceiling at that level.
SNB Vice Chairman Jean-Pierre Danthine on Tuesday said the recent developments in the credit market translate for the Swiss economy into a state of high vulnerability.
The activation of the countercyclical capital buffer and the adoption of other prudential measures have to be seen in this perspective, Danthine added.
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