Economy of Liechtenstein
The economy of Liechtenstein is based roughly equally on services (especially financial services) and industry, with a small but significant agricultural sector. The country participates in a customs union with Switzerland and uses the Swiss franc as its national currency. It imports more than 85% of its energy requirements. Liechtenstein has been a member of the European Free Trade Association (EFTA) since 1991 (previously its interests had been represented by Switzerland). It also has been a member of the European Economic Area (EEA) since May 1995 and participates in the Schengen Agreement for passport-free intra-European travel.
Philipp Hildebrand
Hildebrand is considered a driving force behind the pegging of the Swiss Franc to the Euro announced on 6 September 2011. The central bank commits to undertake transactions to cap the value of the franc against the euro at a maximum of 1.20. In early August, the euro fell to near parity, at 1.00749, against the franc. After initial cautious reactions by analysts, the decision of the Swiss National Bank to aim to keep the Swiss Franc: Euro rate above 1.20 is considered to have been a success.