A franc is worth more than a euro, but no one cares. Explanations

A franc was worth around one euro and three cents on Friday morning. The current exchange rate, at 0.97 francs for one euro, was reached after the Swiss currency rose 10% over one year, its fastest rise in years. The strength of the franc makes exports more expensive, which penalizes economic growth. But this aspect, which can weigh on Swiss growth, now occupies a secondary place in the strategy of the Swiss National Bank (SNB), behind the fight against inflation – the great cause of the moment. Inflation which also helps Swiss companies to adapt to a franc which is trading below parity with the dollar and the euro.