RaboResearch - Economic Research

Economic Report

Swiss say Nein to Vollgeld

The idea underlying Vollgeld is that of full-reserve banking from the 1930’s. In today’s context its side-effects would likely lead to instability and a deflationary tendency. In the Swiss case, uncertainty would have prevailed in the short-term, followed by a further appreciating Swiss Franc.

Country Report

Country Report Switzerland

The strong appreciation following the unpegging of the franc is likely to lead to lower growth. Macro-prudential policies have been tightened somewhat. The government still has to find a way to deal with the outcome of the 2014 anti-immigration referendum.

Country Report

Country Report Switzerland

Thanks to private consumption, the Swiss economy is doing reasonably well. The persistently low interest rates causes house prices to rise. Populist policies, like the introduction of a cap on immigration will deteriorate the medium-term outlook.