The Ethics of the Swiss National Bank’s Currency Intervention


By: Chloe Sevil

On Thursday, 15 January 2015 the Swiss National Bank (SNB) upset the fondue pot. The SNB unexpectedly announced it would end the Swiss Franc (the franc) peg to the Euro, three days after this policy had been reaffirmed. Many companies were adversely affected when the franc appreciated between 20-30% against major currencies (see diagram) and the Swiss stock market dropped by 14 percent. The SNB originally intervened to avoid excessive overvaluation of the franc. There is a mix of economic, social and political rationales for currency manipulation.


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The Latest Issue of Moral Cents is Now Available

Housing Cover

Residential property prices in major cities around the world, from Shanghai to San Francisco, New Delhi to New York, Bangkok to Berlin, are hitting heights unreachable to ordinary mortals. Median house price increases outpace median family income growth, pricing out the young and the middle income. The reasons for the stratospheric rise of property prices in major cities around the world are undoubtedly many and interconnected. Yet, it seems easiest to blame global and mobile plutocrats for accumulating prime properties and pushing up prices in international cities. London


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Moral Cents

Financial EthicsMoral Cents is The Journal of Ethics in Finance, produced on a regular basis by the Seven Pillars Institute for Global Finance and Ethics. Click HERE to see the latest issues and read them in full.

Seven Pillars Institute for Global Finance and Ethics (SPI) and the Centre for Commercial Law Studies (CCLS) at Queen Mary University of London have a collaborative affiliation in their work on ethics, law, and regulation in finance. The goal of the collaboration is to foster a dialogue on important ethical policy issues affecting the financial services industry.

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Seven Pillars Institute for Global Finance and Ethics and IntegTree LLC have a collaborative affiliation. The two organizations plan to create online training programs in financial ethics and compliance management. The Programs will help financial institutions improve conformity with the law while also fostering ethical awareness.

Read the collaboration announcement.