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Fiscal lessons from Switzerland's 1-day, 18% currency rise

The Swiss National Bank has since the eurozone crisis of 2011 upheld a peg against the euro which is now untenable.

DAMAGE CONTROL: People queueing outside a currency exchange office in Geneva on Thursday after Swiss stocks sank on Friday, extending the sell-off sparked by the Swiss National Bank's surprise decision to remove a ceiling on the Swiss franc.

THESE are strange and unnerving times in global financial markets, and if Thursday's jaw-dropping move in the Swiss currency didn't prove it, nothing will.

It is not every day that the currency of an advanced, economically important country rises by double-digit percentages against the...

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