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SNB Chief Says Euro Has Increased Pressure On Swiss Economy

by Ulrika Lomas, Tax-News.com, London

27 June 2002

The Head of the Swiss National Bank (SNB) has warned that the introduction of the euro in January of this year has put pressure on the Swiss economy.

Speaking at an economic forum in Germany this week, Jean-Pierre Roth stressed that the Alpine jurisdiction will need to become more competitive in the future if it is to keep pace with its Eurozone neighbours, and suggested that some sectors of the Swiss economy will need major restructuring.

Reporting on the forum on Wednesday, the Swissinfo news service revealed that the SNB chief also told those attending that Switzerland's export industry is being put under pressure by the current strength of the Swiss Franc, which many investors are viewing as a 'safe haven' currency.

'Nobody would be sad if the franc would lose some of this nimbus,' the banking chief was quoted as observing by Swissinfo yesterday.

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