Central banks, including those of Switzerland, are subject to increasing criticism. To be fair, it must be said that the foreign exchange market interventions of the SNB from view at that time were correct. Had the SNB did not do anything, they would certainly ask today whether the franc would not something less, when the SNB would have intervened. They all already agree that it is the Swiss franc in particular the volatility, which hits the economy, not the height per se are in this sense (smoothing of the fluctuations) intervention to fully justify.
War, monetary policy also true in terms of differences when it comes to financial market stability. Like all central banks, operates the SNB symptom control and the current developments is now facing a bit baffled. The financial crisis is the result of a combination of cash glut and decreasing regulation in the banking sector. The growing since the nineties credit bubble was ignored. The calls for more regulation of banks makes sense in my opinion, according to the aspirations of Basel III or Too Big to Fail presentation in Switzerland to evaluate. All these efforts make no sense, however, if central banks continue to allow credit growth, and (usually) even assisting.
need for more financial stability, there is a restriction on the ability of banks to create credit. This can not by sectoral Belehnungsrichtlininen the SNB for mortgage be achieved, but by reserve policy and (globally valid) leverage ratios. Such regulation is simple and effective. But it must be supported by a monetary policy that prevents excessive money and credit growth. There is too late now but I see nothing in the end can still prevent the inflation that will arise as a consequence of the (now nationalized and private) debt mountain in the last two decades. These considerations must be made for the post-crisis monetary system and the central banks need a paradigmatic reorientation to take at all in what predicament they can stick.
Gold convertibility in normal times could be an approach for the future. This makes credit creation but not impossible and would in any case in times of crisis can also be bypassed. In turn, should decrease the likelihood of financial crises, or their extent.
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