In the following video the decision of the Swiss central bank to remove its currency peg to the Euro is discussed. The decision is not one that was immediately understood, and has profoundly surprised economists, government and business leaders. The decision came as a shock, coming only two days after a bank official affirmed his country’s commitment to the policy.
Currency traders taken off guard were hurt severely with two foreign exchange brokerage houses, New Zealand’s Excel Markets and Global brokers going under overnight. In addition the value of the Swiss Franc has erupted against the dollar and the euro.
