Germany's Schaeuble: Swiss franc move won't have lasting impact on euro

[NEW DELHI] German Finance Minister Wolfgang Schaeuble said on Tuesday that the Swiss National Bank's surprise decision last week to remove its cap on the Swiss franc was a "special case" that should not have a long-term effect on the single European currency.

"Switzerland is a special case," he said during a visit to India.

"It is not something that will have a long-term impact, especially on the euro. It shows that you cannot act against the markets in the long term."

The removal of a three-year-old cap on the franc sent the Swiss currency soaring against the euro, which is under further pressure ahead of an expected move by the European Central Bank this week to buy government debt to boost the eurozone economy.

REUTERS