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Foundering faith

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The Swiss National Bank (SNB), an above-average institution, has failed at two simpler tasks: keeping its word and preventing destabilising currency moves. The lessons for the rest of the world are scary.

CENTRAL bankers have to live up to high expectations. Investors and politicians expect them to control inflation, prevent deflation, promote growth and keep the financial system healthy. The Swiss National Bank (SNB), an above-average institution, has failed at two simpler tasks: keeping its

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