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Swiss Struggle To Maintain Currency Floor

Last week, wonder-kid Evan Soltas remarked on the success of the Swiss central bank (SNB) in placing a currency floor against the euro:

Woah. Just think about that for a moment. The SNB said in early September, as it solidified its commitment to the currency floor, that "it will no longer tolerate" an overvalued currency and that it will "enforce" its desired exchange rate "with the utmost determination." When all the SNB would have to do is print and sell Swiss franc if it faced a challenge to its currency floor, there's simply no good reason to bet against it. And thus expectations are made. It hasn't had to do anything.

Apparently this so-called success provides support for NGDP targeting because it
tells us about the strength of the expectational channel in monetary policy.

On the same day, over at FT Alphaville, Izabella Kaminska had a post on Why Switzerland is the new China in which she notes

keeping the Swiss franc structurally undervalued against the euro is becoming costlier than ever.
The act of having to put its money where its mouth is - via that permanent 1.20 bid - has not only reduced Switzerland to "currency manipulator" status, but also into one of the biggest acquirers of euro-denominated assets in the world.

Soltas responds on his blog

I think, respectfully, that Kaminska is wrong.

Well, today on Zero Hedge, Bruce Krasting offers the following conversation in his post, Another Bear Awakens (Geneva is a "Swiss banker from Geneva")

BK - Are you guys still seeing boatloads of money coming in from outside the country?
Geneva - Yes, the money is still coming. In the past two weeks the Swiss National Bank (SNB) was forced to intervene in support of the 1.20 peg. The amounts were big, over EUR 20 billion was purchased.

I can't claim to know how reliable either the sources for Kaminska or Krasting are, but these two stories should at least make one skeptical about Soltas' initial comment. Concluding the SNB's policy is a success may be premature.

A good follow up question: if the SNB is buying large amounts of euros to protect their policy, will NGDP proponents accept the weakness of expectational channels in monetary policy and note the lack of support from this outcome?