Swiss voters used to hold their central bank in high esteem: one survey in 2013 found the Swiss National Bank (SNB) to be their most respected national institution. That may change after its shock decision on January 15th to abandon the Swiss franc's cap against the euro. The franc instantly shot up by 30%, provoking howls of anguish from Swiss firms. "A strong franc threatens the entire Swiss system," shrieked one Geneva daily. The bank's action was "a tsunami" for exporters, tourism and "the entire country", protested Nick Hayek, chief executive of Swatch Group, the world's biggest watchmaker, as he saw its shares plunge by 16% in a day. "Luckily I was sitting down" when the snb called to warn of its impending announcement, said Johann Schneider-Ammann, the federal economics minister charged with trying to keep Swiss industry competitive. Exporters, he acknowledged, face a huge challenge.
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