Like most other central banks confronted with the recession, the SNB has reduced its policy interest rate all the way to the zero lower bound. Once there, traditional monetary policy becomes impotent, as the interest-rate tool is no longer usable.
一贯以来，瑞士的利率就不高。如同其它在经济萧条中抗争的国家中央银行，瑞行将其政策性的利率一路降到零利率下限。一旦出现这种情况，惯常实行的货币政策就无法抵抗危机，因为利率工具不再发挥其作用。