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Three years prevented the Swiss National Bank through extensive purchases of

foreign currency that the Swiss franc is getting more expensive. Franks are a

popular currency since the outbreak of the euro debt crisis. The high demand from

abroad drove the value of the franc in height and weighed on the export sector of

the Alpine republic whose products were more expensive abroad.

The Swiss National Bank !SNB" then took more than three years ago with an unusual

conse#uence in the foreign exchange market. $ue to the massive purchases of euro

and other currencies the exchange rate a further overvaluation of the Swiss franc

should be prevented and always be at least %.&' francs to the euro. The balance of

the SNB was prolonged in these years to ('' billion francs.

the SNB gave up and the franc exchange rate is free ) on the stock exchange

provided that for an earth#uake. The retreat !*+ck,ug" from active exchange rate

policy the market gets completely cold the -uro temporarily lost more than &'

percent against the franc and the dollar fell % percent against the franc. Against

the dollar the euro fell again one percent.

UR/CHF SPOT

WKN: EURCHFISIN: EU0009654078

1,03710,1638

13,6392 %

15.01.2015

16:09:14 Uhr

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The monetary authorities have already lowered its benchmark interest rate to a

record low of '.'( percent and decided to purchase mortgage)backed securities and

mortgage bonds. According to experts the likelihood that the -ood of money they could fuel in>ation and at the same

time arti3cially stimulate the economy >at ones.

EuGH-Generalanwalt sttzt Draghis Krisenpolitik

The -uropean

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truck. Also the greenhouse where the tomatoes are used can be operated much

cheaper with cheaper energy naturally. There are actually so very special reasons

why prices are rising barely average. The oil has to forfeit a signi3cant role in this

development so there is no reason in a de>ationary panic

The Federal Statistical Lce in ?ermany1

) 0n>ation in ?ermany in ctober &'%; compared the same month last year

in>ation was in ?ermany at '.7 percent. 0f the eGect of low oil prices

deducted then the price increase would be again at %.% percent. This alone

underlines the importance which owns the oil in our entire price structure.) ess in>ation1 For private consumers it is entirely positive development if its

purchasing power due to the falling !oil" prices sharply increases.

npleasant is the price development !de>ation" only for large borrowers especially

the state.

) 0n the past high levels of government debt were simply in>ated away by ahigh in>ation rate.

) Migh in>ation cause wage increases disproportionatelywage increase

means high tax income for the government.) ess in>ation causes less wage increases and thus the additional tax

revenuebad luck for the state.

0n>ation is as low as last after the ehman collapse at the height of the century

3nancial crisis. This is by far not only on the price of oil. The core rate to be

removed from the special)volatility assets such as energy food and tobacco in

ctober was at only '.9 percent ) well below the target value -ation is at least as dangerous as a particularly high. Finally

there are proven against high in>ation means by which the central banks have

decades of experience. 0n the 3ght against falling prices !de>ation" however they

fall largely in the dark. Are the previous experiences mainly from =apan

Euroraum: Verbraucherpreisindex und die Kerninflation

.#n 02$2008 is 10$2014! in /r#ent ( +it der %us er die r%fi* f%hren-

Government profits from deflationdecrease in inflation caused by low interest rates

ictims are mainly t!e companies t!at received ris"s in t!e past and !ave invested# $!at would be disastrous#

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un*#ntr#llierten 3undennstur+ %uf die %n*en (%n* Run-! u+ die Eur#uth%en u sichern

ereits in den %hren 2010 is 2012 st%nd riechenl%nd *ur .#r eine+ s#lchen Fin%n*#ll%ps$+ ,#++er

2014 ru+te die &riechische :entr%l%n* (%n* #f reece- erst+%ls ein! d%ss die E: in den %hren 2010 is

2012 durch eldtr%nsp#rte per Flu&eu& die &riechischen %n*en .#r eine+ %n* Run e;%hrte$ es#nders

ris%nt s#llen die )%&e un+ittel%r .#r der &riechischen /%rl%+ents;%hl %+ 17$ uni 2012 &e;esen sein$

D%+%ls h#en ,p%rer %llein "!5 illi%rden Eur# %$ it riesi&en ilitrtr%nsp#rt+%schinen .#+ )'p HerculesC1"0 tr%nsp#rtierte d%s &riechische ilitr illi#nen .#n 50 und 100Eur#,cheinen der E: ins ffnen! n%chde+ d%s /%rl%+ent i+ ;eiten

nl%uf einer Eini&un& +it der )r#i*% u&esti++t h%tte$

there are now

) the -uropean nion Bank) the -uropean Stability Cechanism !-SC" +. The -uropean Stability Cechanism

!-SC" can beispringen States in an emergency with up to ('' billion euros.

States may also ask for help when capital gaps gape in the banking system.) and the promise of -