Swiss drop Singer on his fanny

CNB Gov. Miroslav Singer told the Neue Zürcher Zeitung in early Dec. that the Swiss National Bank had "shown the way" in terms of setting a cap on a currency. The Swiss intervention against the franc in 2011 changed the currency markets, Singer said, and made it normal for a central bank to set a ceiling. We're standing on the shoulders of the Swiss to a certain extent, he said. So what happened two weeks ago, when the Swiss removed the cap? Did the CNB fall off their shoulders? That's the big question everyone is asking now, in one form or another. Will the CNB now follow its Swiss counterpart in removing the cap? CNB Vice Gov. Vladimír Tomšík added to the mystery this morning by saying in LN that without the cap, the crown would appreciate sharply given the monetary easing of the European Central Bank. Czechs can find some small comfort in realizing that the money in their pocket is actually worth a lot more.