For a long time Switzerland enjoyed a comparative advantage in terms of political and economic stability which clearly stimulated the development of the financial sector and the cross-border use of the SFR. In some instances, the demand for SFR investments was so strong that the SNB introduced highly interventionist measures for a limited period of time.

Today, with world-wide disinflation and globally connected financial markets, the risk of an excessive SFR appreciation seems significantly smaller. The policy approach of the SNB fully relies on truly open markets, a sound infrastructure and instruments that utilise - rather than restrict - market processes.