## Switzerland: Staff Report for the 2015 Article IV Consultation

_IMF Staff Country Reports, May 27, 2015_

## Source details

**Canonical URL:** [Switzerland: Staff Report for the 2015 Article IV Consultation](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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## Bibliographic details
- Published: May 27, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513553603.002

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### Executive summary and macroeconomic outlook
- 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."

### Financial sector and exchange-rate dynamics
- 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:
  - Banking
  - Financial institutions
  - Foreign exchange
  - Mortgages
  - Housing prices
  - Leverage ratio requirements

### Prices, incomes, and national accounts
- 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.

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/switzerland-staff-report-for-the-2015-article-iv-consultation-42954_