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Der Tagesspiegel - Germany | Friday, January 16, 2015

Switzerland's preemptive decoupling

The timing of the Swiss National Bank's decision is not pure coincidence, the liberal-conservative Der Tagesspiegel writes, pointing out that the ECJ has just signalled that the ECB will be allowed to buy government bonds on a large scale: "The Swiss National Bank is apparently acting on the assumption that ECB chief Mario Draghi will announce a major bond-buying spree on January 22. ... That means Germany's long-standing resistance to the bond-buying scheme has been broken. If the ECB announces such purchases it's probably because it sees no other alternative for getting the Eurozone economy back on its feet. This indicates the gravity of the situation. The prospects are not good. It's by no means certain that the bond-buying and the increased cash flow it aims for will resolve the structural problems in the Eurozone. At any rate it will be a long time before things improve. Switzerland is already decoupling."

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