{
  "title": "Switzerland: Staff Report for the 2015 Article IV Consultation",
  "publication": "IMF Staff Country Reports, May 27, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/switzerland-staff-report-for-the-2015-article-iv-consultation-42954",
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  "summary": "This 2015 Article IV Consultation highlights that Switzerland’s economy has performed relatively well in the aftermath of the global financial crisis, with growth reaching 2 percent in 2014.",
  "publishDate": "2015-05-27",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary and macroeconomic outlook",
      "content": "- Switzerland’s economy \"performed relatively well in the aftermath of the global financial crisis, with growth reaching 2 percent in 2014.\"\n- In late 2014, \"increased capital inflows forced the Swiss National Bank (SNB) to start intervening heavily to defend its exchange rate floor of 1.20 francs per euro.\"\n- Over the medium term, the economy is expected to recover gradually.\n- As the economy adjusts to the exchange rate appreciation, \"growth is projected to rise gradually back to about 2 percent over the medium term while inflation increases to about 1 percent.\""
    },
    {
      "heading": "Financial sector and exchange-rate dynamics",
      "content": "- Heavy SNB intervention to defend the exchange rate floor of 1.20 francs per euro occurred following increased capital inflows in late 2014.\n- The report addresses issues related to:\n  - Banking\n  - Financial institutions\n  - Foreign exchange\n  - Mortgages\n  - Housing prices\n  - Leverage ratio requirements"
    },
    {
      "heading": "Prices, incomes, and national accounts",
      "content": "- Inflation projection: \"about 1 percent\" over the medium term as the economy adjusts to exchange-rate movements.\n- Income, prices, and national accounts are core subjects of the report’s analysis.\n\n---\n\n Content in this bundle\n\n- Cr15132\n  - Cr15132 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr15132 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/switzerland-staff-report-for-the-2015-article-iv-consultation-42954"
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    "Published: May 27, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513553603.002",
    "Switzerland’s economy \"performed relatively well in the aftermath of the global financial crisis, with growth reaching 2 percent in 2014.\"",
    "In late 2014, \"increased capital inflows forced the Swiss National Bank (SNB) to start intervening heavily to defend its exchange rate floor of 1.20 francs per euro.\"",
    "Over the medium term, the economy is expected to recover gradually.",
    "As the economy adjusts to the exchange rate appreciation, \"growth is projected to rise gradually back to about 2 percent over the medium term while inflation increases to about 1 percent.\"",
    "Heavy SNB intervention to defend the exchange rate floor of 1.20 francs per euro occurred following increased capital inflows in late 2014.",
    "The report addresses issues related to:",
    "Inflation projection: \"about 1 percent\" over the medium term as the economy adjusts to exchange-rate movements.",
    "Income, prices, and national accounts are core subjects of the report’s analysis.",
    "**Cr15132**"
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