{
  "title": "Switzerland: 2012 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; Statement by the Executive Director for Switzerland",
  "publication": "IMF Staff Country Reports, May 8, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/switzerland-2012-article-iv-consultation-staff-report-public-information-notice-on-the-25895",
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  "summary": "This Article IV Consultation reports that Switzerland’s exchange rate floor, seen as credible by the markets, has halted appreciation and helped shore up the economy.",
  "publishDate": "2012-05-08",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Exchange rate policy and effects",
      "content": "- Switzerland’s exchange rate floor, seen as credible by the markets, has halted appreciation and helped shore up the economy.\n- Once growth recovers and inflation reaches more comfortable levels, maintaining the exchange rate commitment risks stoking inflation and hence, a return to free floating would be desirable.\n- Subject tags include: Exchange rates, Foreign exchange, appreciation, exchange rate floor, exchange rate appreciation, commitment risk."
    },
    {
      "heading": "Inflation and growth outlook",
      "content": "- The report links the exchange rate commitment to inflation dynamics: sustaining the exchange rate floor beyond recovery risks higher inflation.\n- Keywords/concerns include: Inflation, inflation outlook, Prices."
    },
    {
      "heading": "Financial sector risks and macroprudential response",
      "content": "- The risk of a real estate bubble has been heightened by loose monetary conditions.\n- New macroprudential instruments are under consideration to address this risk.\n- Subject tags include: Banking, Financial institutions, Mortgages, Insurance companies, Basel III counter-cyclical capital buffer, policies-safeguarding credibility, risk."
    },
    {
      "heading": "Policy recommendations and considerations",
      "content": "- Transition policy: Return to free floating is desirable once growth recovers and inflation is at more comfortable levels to avoid stoking inflation.\n- Macroprudential policy: Consideration of new macroprudential instruments to mitigate heightened real estate bubble risk.\n- Financial regulation: References to Basel III counter-cyclical capital buffer as part of the policy vocabulary.\n\n---\n\n Content in this bundle\n\n- cr12106\n  - cr12106 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr12106 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/switzerland-2012-article-iv-consultation-staff-report-public-information-notice-on-the-25895"
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    "Published: May 8, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475503395.002",
    "Switzerland’s exchange rate floor, seen as credible by the markets, has halted appreciation and helped shore up the economy.",
    "Once growth recovers and inflation reaches more comfortable levels, maintaining the exchange rate commitment risks stoking inflation and hence, a return to free floating would be desirable.",
    "Subject tags include: Exchange rates, Foreign exchange, appreciation, exchange rate floor, exchange rate appreciation, commitment risk.",
    "The report links the exchange rate commitment to inflation dynamics: sustaining the exchange rate floor beyond recovery risks higher inflation.",
    "Keywords/concerns include: Inflation, inflation outlook, Prices.",
    "The risk of a real estate bubble has been heightened by loose monetary conditions.",
    "New macroprudential instruments are under consideration to address this risk.",
    "Subject tags include: Banking, Financial institutions, Mortgages, Insurance companies, Basel III counter-cyclical capital buffer, policies-safeguarding credibility, risk.",
    "Transition policy: Return to free floating is desirable once growth recovers and inflation is at more comfortable levels to avoid stoking inflation.",
    "Macroprudential policy: Consideration of new macroprudential instruments to mitigate heightened real estate bubble risk.",
    "Financial regulation: References to Basel III counter-cyclical capital buffer as part of the policy vocabulary.",
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