Three years on from currency shock, Swiss central bank can't get back to normal

Zurich

THREE years after the Swiss National Bank shocked currency markets by scrapping the franc's peg to the euro, it faces the toughest task of any major central bank in normalising ultra-loose monetary policy.

If it raises rates, the Swiss franc strengthens. If it sells off its massive balance sheet, the Swiss franc strengthens. If a global crisis hits, the Swiss franc strengthens.