What this really means is that the appreciation is neither a consequence of monetary policy nor the other usual factors. In any case, while the Swiss authorities’ discomfort with the situation is understandable, their decision is disquieting.
这也是瑞士给人带来吃惊的原因。自从2007年8月经济危机爆发之时起，瑞士法郎就实际上升了8%。这一般归因于瑞士法郎的名声，即在困难时期能成为安全的避风港。然而其真正的意义是，货币的升值不是货币政策的结果，也不是其它通常因素的结果。无论如何，尽管瑞士当局在当前情况下感到不适能被人理解，但其决定仍令人担忧。