Una explicación del shock suizo

PRINCETON – Desde que estalló la crisis de la deuda soberana europea en 2009, todo el mundo se ha preguntado qué pasaría si un país saliera de la eurozona. En un principio el debate se centró en los países que estaban en crisis, Grecia o tal vez Portugal, España o Italia. Luego vino una discusión más bien hipotética sobre lo que sucedería si un país superavitario fuerte, como Finlandia o Alemania, saliera.

Al final surgió el consenso de que la salida de un país podría provocar un colapso más generalizado, como la caída de Lehman Brothers en 2008. Ahora, con el caso de Suiza, tenemos la muestra de algunos de los riesgos que podrían surgir si un país superavitario dejara la eurozona.

En septiembre de 2011 Suiza vincula su moneda al euro para fijar un tope a la rápida apreciación del franco después de la crisis financiera global que estalló en 2008. Así, el país se convirtió en un miembro adjunto temporal de la unión monetaria europea. Pero el 15 de enero, el Banco Nacional Suizo (BNS) súbita y sorprendentemente dejo de vincularla.

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