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Swiss Bank Chief Defends Policy Change on Currency

The director of the Swiss National Bank has defended a decision to allow the value of the Swiss currency to float freely against the euro. Thomas Jordan said in an interview published Friday in Le Temps and Neue Zurcher Zeitung that bank officials knew ending the fixed exchange rate might affect financial markets, but that the change was necessary to keep control of the country's long-term monetary policy. He said the cap price was designed as a temporary measure when it was...

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