Football of currency politics Switzerlands abandonment of euro cap is a serious blow to Swiss hotels
Magazin • 22.1.2015 • 8890
HI+

Football of currency politics

Switzerland's abandonment of euro cap is a serious blow to Swiss hotels

Football of currency politics
22.1.2015

Bern. The decision to remove the euro cap for the Swiss franc is a serious blow to the Swiss hotel industry. The financial earthquake on January 15 hit all of Switzerland's economy, though those industries which couldn't flee abroad were hit hardest. Yesterday, the Swiss franc was trading roughly at parity with the euro; eight days ago, the exchange was capped at CHF 1.20 by the Swiss National Bank. A schnitzel now costs EUR 30, a beer EUR 6.30. "In one fell swoop, Switzerland has become up to 20% more expensive for tourists", Christoph Juen says with resignation, CEO of HotellerieSuisse. The impact is already being felt: Price dumping has already been set in train across the country, short-term bookings are not being made and cancellations have already started to come in. And the Swiss themselves have been the first to disappear across borders into neighbouring euro zone countries to do their shopping and buy their holidays.

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