But it is the Swiss National Bank, which printed money to prevent excessive appreciation after pegging its currency to the euro in 2011, that has thrust the sharpest dagger into QE’s heart. By unexpectedly abandoning the euro peg on January 15 – just a month after reiterating a commitment to it – the once-disciplined SNB has run roughshod over the credibility requirements of time consistency.
但瑞士国民银行才是刺入量化宽松心脏的最锋利的利刃。自2011年瑞郎盯住欧元以来，瑞士国民银行通过印钱防止瑞郎过度升值。1月15日，瑞士国民银行出人意料地宣布放弃盯住欧元——一个月前它还在重申盯住欧元的承诺——曾经严守纪律的瑞士国民银行已经顾不上时间一致性的信誉要求了。