Three years prevented the Swiss National Bank through extensive purchases of

foreign currency that the Swiss franc is getting more expensive. Franks are a
popular currency since the outbreak of the euro debt crisis. The high demand from
abroad drove the value of the franc in height and weighed on the export sector of
the Alpine republic, whose products were more expensive abroad.
The Swiss National Bank (SNB) then took more than three years ago with an unusual
consequence in the foreign exchange market. Due to the massive purchases of euro
and other currencies, the exchange rate, a further overvaluation of the Swiss franc
should be prevented and always be at least 1.20 francs to the euro. The balance of
the SNB was prolonged in these years to 500 billion francs.
the SNB gave up and the franc exchange rate is free - on the stock exchange
provided that for an earthquake. The retreat (R[ckzug) from active exchange rate
policy, the market gets completely cold, the Euro temporarily lost more than 20
percent against the franc, and the dollar fell 13 percent against the franc. Against
the dollar, the euro fell again one percent.
EUR/CHF SPOT

WKN: EURCHF
ISIN: EU0009654078

1,0371 −0,1638
−13,6392 %

Week

15.01.2015
16:09:14 Uhr

com/politik/konjunktur/nachrichten/omt-programmrechtens-eugh-generalanwalt-stuetzt-draghis-krisenpolitik/11227024.05 percent and now wants to buy many securities such as asset securitization (Wertpapiere wie Kreditverbriefungen).52 Euro Energy prices (Tankstelle. EuGH-Generalanwalt stützt Draghis Krisenpolitik The European Central Bank (ECB) may purchase under certain conditions masse government bonds from euro-crisis countries according to the Advocate General's opinion of Court of Justice of the European Union. Precondition is. According to experts.). on condition of the exposed scenario of bankruptcy. The price of oil appears anywhere directly and indirectly. The ECB sees only at values of just under two percent of stable prices. 2013 lag der Durchschnittspreis für Diesel bei 1.handelsblatt.htn? chart_zeit=8&i=2079544 The monetary authorities have already lowered its benchmark interest rate to a record low of 0. dass sich die EZB aus den für einen betroffenen Staat geltenden Reformprogrammen heraushalte.44 Euro. am Flughafen oder bei der Stromrechnung) are important in and oil prices play in particular an important role. that the ECB hold out from those applicable to an affected state reform programs (Voraussetzung sei aber. At about the foods that need to be brought to the supermarket with the .Interday http://finanzen. With such a flood of money they could fuel inflation and at the same time artificially stimulate the economy flat ones.html The ECB has cut interest rates to a record low of 0.handelsblatt. the likelihood that the ECB announced at its next interest rate meeting on 22 January. as the ECB takes no risk. the purchase of government bonds on a large scale. 2012 lag der Durchschnittspreis für Diesel bei 1. The 2012 OMT program is necessary and proportionate in the narrower sense. 2014 ist der Durchschnittspreis für Diesel bei 1.23 Euro.com/kurse_einzelkurs_uebersicht.05 percent and decided to purchase mortgage-backed securities and mortgage bonds. said Pedro Cruz Villalon Advocate General on Wednesday in Luxembourg. however. http://www.

High inflation cause wage increases disproportionately wage increase means high tax income for the government. then the price increase would be again at 1. Inflation is as low as last after the Lehman collapse at the height of the century financial crisis. If the effect of low oil prices deducted. food and tobacco. inflation was in Germany at 0. there are proven against high inflation means by which the central banks have decades of experience. however. in Prozent ( mit der Maus über die Grafik fahren) Government profits from deflation decrease in inflation caused by low interest rates Victims are mainly the companies that received risks in the past and have invested. This is by far not only on the price of oil.truck. so there is no reason in a deflationary panic The Federal Statistical Office in Germany: - - Inflation in Germany in October 2014 compared the same month last year. Finally.well below the target value ECB of nearly two percent. they fall largely in the dark. high levels of government debt were simply inflated away by a high inflation rate. Unpleasant is the price development (deflation) only for large borrowers. The oil has to forfeit a significant role in this development. There are actually so very special reasons why prices are rising barely average.8 percent.1 percent. This alone underlines the importance which owns the oil in our entire price structure. A particularly low inflation is at least as dangerous as a particularly high. can be operated much cheaper with cheaper energy naturally.2008 bis 10. in October was at only 0. That would be disastrous. Less inflation: For private consumers it is entirely positive development if its purchasing power due to the falling (oil) prices sharply increases. especially the state. where the tomatoes are used. - In the past. to be removed from the special-volatility assets such as energy.7 percent . . Less inflation  causes less wage increases and thus the additional tax revenue bad luck for the state. In the fight against falling prices (deflation).2014. Also the greenhouse. Are the previous experiences mainly from Japan Euroraum: Verbraucherpreisindex und die Kerninflation von 02. The core rate. This must not ignore the central bank.

ließ die Regierung die Banken schließen.] and the promise of ECB chief Mario Draghi. fehlt den Banken. Im Sommer 2014 räumte die griechische Zentralbank (Bank of Greece) erstmals ein. there are now - - the European Union Bank. Als das zyprische Parlament einen Kompromiss mit der Troika der Gläubiger ablehnte. nachdem das Parlament im zweiten Anlauf einer Einigung mit der Troika zugestimmt hatte.unkontrollierten Kunden-Ansturm auf die Banken (Bank Run). doch konnte sie sich mit diesen zunächst nicht auf ein Rettungspaket einigen.5 Milliarden Euro ab. der vom Sparkonto abgehoben wird. die ihr Geld dort geparkt hatten. Angesichts der Hängepartie fürchteten ausländische Sparer. a better safety net. Die dortige Regierung brauchte dringend finanzielle Hilfe der anderen Euro-Länder. dass die Banken genug Bargeld hatten. Mit riesigen Militärtransportmaschinen vom Typ Hercules C-130 transportierte das griechische Militär Millionen von 50 und 100-Euro-Scheinen der EZB ins Land. um die Euro-Guthaben zu sichern Bereits in den Jahren 2010 bis 2012 stand Griechenland kurz vor einem solchen Finanzkollaps. it can quickly spread to other banks. Besonders brisant sollen die Tage unmittelbar vor der griechischen Parlamentswahl am 17. Besorgte Sparer bekamen ihre Guthaben ausgezahlt. dass die EZB in den Jahren 2010 bis 2012 durch Geldtransporte per Flugzeug die griechischen Banken vor einem Bank Run bewahrte. kann er sich schnell auf andere Banken ausbreiten. missing the banks. um eine Panik zu verhindern. unlimited to buy bonds of a crisis country in an emergency. vor allem russische Oligarchen. Each euro is lifted from your savings account. Damit war sichergestellt. Setzt der Bank-Run erst bei einer Bank ein. Jeder Euro. Troubled banks could be recapitalized with funds from the ESM bailout or possibly handled . the European Stability Mechanism (ESM) [. Erst knapp zwei Wochen später durften sie wieder öffnen. which in turn increases the fear of savers to deposit their remaining . Sehr nahe an einem solchen Punkt stand Zypern im März 2013. um ihre Guthaben. was wiederrum die Angst der Sparer um ihre verbliebenen Einlagen erhöht – ein Teufelskreis. Damals hoben Sparer allein 3. A bank run is similar to an avalanche: it can hardly control. The European Stability Mechanism (ESM) can beispringen States in an emergency with up to 500 billion euros.a vicious circle. Does the bank run only one at a bank. States may also ask for help when capital gaps gape in the banking system. Ein Bank Run ist vergleichbar mit einer Lawine: Er lässt sich kaum kontrollieren. Juni 2012 gewesen sein.