The boring Swiss, and their boring currency, did something that only boring bankers would usually notice, but was obviously much bigger news.
For years, the Swiss made sure their currency, the Swiss Franc, played nicely with the Euro. There were caps and exchanges, and if you want more details read more of the article. The folks who manage the Euro, though, are having to do some dramatic things, at least from the perspective of a boring banker. The Swiss reacted by letting their currency float regardless of the Euro. They had to for the sake of Switzerland.
The value of the Swiss Franc moved more in one day than it typically would in months or years. That hurts Swiss businesses, but the short term hurt is smaller than big term hurt they’d experience if they did nothing. They have been an independent people and country, and they demonstrated that again.
The Euro may not be affected as much, but it is a sign that they’re about to embark on policies that are unsettling. The story, then, is less about the Swiss and more about uncertainties in the EU.
“Why The World Is Freaking Out About Switzerland Today” – Slate
Pretending Not To Panic 