caa a22 4500 606237569 CHVBK 20210128101253.0 cr unu---uuuuu 210128e20150301xx s 000 0 eng 10.1007/s10272-015-0528-0 doi (NATIONALLICENCE)springer-10.1007/s10272-015-0528-0 Currency Interventions: Effective Policy Tool or Shortsighted Gamble? [Elektronische Daten] [Keith Pilbeam, Arturo Bris, Cinzia Alcidi, Mikkel Barslund, Willem De Groen, Daniel Gros] The Swiss National Bank's January 2015 decision to abandon the Swiss franc's peg to the euro led to short-term chaos in exchange markets and had a dampening effect on the Swiss economy. Some economists suggested Switzerland was poised to enter a sustained period of stagnation à la Japan. The decision also reignited policy debate on the benefi ts and drawbacks to central bank intervention in currency markets. While such intervention can be justifi ed in certain situations, such as if the market is producing the "wrong rate”? it can also impose significant economic costs. The ECB's recently implemented quantitative easing programme has been regarded by many as a thinly disguised attempt to weaken the euro in order to improve the eurozone's competitiveness. However, the euro's recent weakening began well before the ECB announced its programme; moreover, previous rounds of quantitative easing by other central banks have had minimal impact on exchange rates. ZBW and Springer-Verlag Berlin Heidelberg, 2015 Pilbeam Keith Department of Economics, City University London, Northampton Square, EC1V 0 HB, London, UK aut Bris Arturo IMD Business School, Ch. de Bellerive 23, 1001, Lausanne, Switzerland aut Alcidi Cinzia Centre for European Policy Studies (CEPS), 1 Place du Congrès, 1000, Brussels, Belgium aut Barslund Mikkel Centre for European Policy Studies (CEPS), 1 Place du Congrès, 1000, Brussels, Belgium aut De Groen Willem Centre for European Policy Studies (CEPS), 1 Place du Congrès, 1000, Brussels, Belgium aut Gros Daniel Centre for European Policy Studies (CEPS), 1 Place du Congrès, 1000, Brussels, Belgium aut Intereconomics Springer Berlin Heidelberg 50/2(2015-03-01), 64-81 0020-5346 50:2<64 2015 50 10272 https://doi.org/10.1007/s10272-015-0528-0 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 abstract jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10272-015-0528-0 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Pilbeam Keith Department of Economics, City University London, Northampton Square, EC1V 0 HB, London, UK aut NATIONALLICENCE 700 1- Bris Arturo IMD Business School, Ch. de Bellerive 23, 1001, Lausanne, Switzerland aut NATIONALLICENCE 700 1- Alcidi Cinzia Centre for European Policy Studies (CEPS), 1 Place du Congrès, 1000, Brussels, Belgium aut NATIONALLICENCE 700 1- Barslund Mikkel Centre for European Policy Studies (CEPS), 1 Place du Congrès, 1000, Brussels, Belgium aut NATIONALLICENCE 700 1- De Groen Willem Centre for European Policy Studies (CEPS), 1 Place du Congrès, 1000, Brussels, Belgium aut NATIONALLICENCE 700 1- Gros Daniel Centre for European Policy Studies (CEPS), 1 Place du Congrès, 1000, Brussels, Belgium aut NATIONALLICENCE 773 0- Intereconomics Springer Berlin Heidelberg 50/2(2015-03-01), 64-81 0020-5346 50:2<64 2015 50 10272