How the US Treasury Induced a New Era of Swiss Monetary Policy

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How the US Treasury Induced a New Era of Swiss Monetary Policy

The Swiss National Bank building, Bern, Switzerland. 2019. In December 2020, half a year into the pandemic, the Swiss National Bank (SNB) received a call from the US Treasury Department. For years, the US had accused Switzerland of monetarily steering the franc (CHF) to create “unfair” advantages that harmed its international trading partners. Swiss officials were informed that they had officially been declared a “currency manipulator.” The rea…