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The euro recently fell for the first time below the minimum limit of SFr1.20 ($1.31 ) set by the Swiss National Bank (SNB) in September 2011. However, currency experts agree that the temporary slip that occurred during Easter week does not require a change in exchange rate policy. Thomas Jordan, vice-president and interim president of the SNB, defended his institution at the start of this week and said that doubts about the exchange rate policy were "unfounded". Jordan repeated the central bank's willingness "to buy foreign currency in unlimited amounts" in order to keep the franc within the specified limits. He also confirmed that the Swiss currency "remained overvalued". His explanation came after a few financial transactions on April 5 jolted the Easter-time lack of currency movement, causing the euro to trade at SFr1.19. It was the first time the franc had fallen below the minimum limit established by the SNB seven months ago. According to industry analysts, the volatility was caused partly by economic problems in Spain. Last weekend, Swiss publications such as the "Finanz und Wirtschaft" newspaper criticised the SNB for "going on holiday" when the going got tough. While some consider the policy of the central bank insufficient, others consider it to be exaggerated. Although the strong franc has not ruined Switzerland as an industrial centre, the situation is still dramatic, said Hans Hess, president of Swissmem, the umbrella lobby group for the electrical, machinery and metal industries. In contrast, the International Monetary Fund (IMF) has advised Switzerland to return to a floating exchange rate as soon as economic conditions allow.

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