Im a philosopher, not an economist, so the subtleties of central - TopicsExpress

Im a philosopher, not an economist, so the subtleties of central banking and international public finance are quite beyond me. Yet this is a fascinating article on recent changes in the Swiss National Bank (SNB) and European Central Bank (ECB). Essentially, the SNB halted its pegging the Swiss franc to the euro, and the author of the article argues that this was to avoid financial ruin in the wake of the ECBs soon-to-commence unconstrained quantitative easing (QE). From the article: Central banks cannot be broken by markets when defending a rising currency (though they can when defending a falling one). But they can be broken by a central bank with more firepower. The ECJ Advocate General’s opinion was a game changer. No way is the most powerful central bank in the world going to allow the minnow on its border to derail its hard-won QE program. The SNB, considerably smaller than the ECB and subject to both democratic and legal constraints, had no choice but to end its Euro purchases or face destruction of its balance sheet to no purpose. Tip of the hat to Tyler Cowen at the blog Marginal Revolution. forbes/sites/francescoppola/2015/01/17/oh-switzerland-what-have-you-done/

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