- by ending the minimum exchange rate regime the SNB showed weakness
- country now operates "virtually" without a central bank
- SNB may need more than three members on its governing board,proposes five to seven preferably
- SNB board must not only be ruled by professors and theorists
- shouldn't make conclusions in a "temple of thought", needs to grapple with reality
- CHF should be strong but not overvalued
- discontinuation of cap didn't hit Swatch as the company only has 18% euro exposure
Swatch CEO Nick Hayek speaking to Swiss newspaper Schweiz am Sonntag published today and raising some valid points
The Swatch share price plummeted on Jan 15 after the SNB decision and Hayek had this to say at the time
Words fail me. Today's SNB action is a tsunami; for the export industry, for tourism and for the whole country
Swatch CEO Nick Hayek - time for change at the SNB
