SNB's Jordan: Fixed exchange rate to euro would run contrary to current system

While speaking at an event in St Gallen, Switzerland, Swiss National Bank Chairman Thomas Jordan ruled out having a fixed exchanged rate to the euro by saying that a move like that would run contrary to their current system.

Jordan further reiterated that Swiss franc was still highly valued and argued that the economy would suffer if the bank were to raise the policy rate to zero. "The current monetary policy is appropriate, we'll keep it as long as necessary," Jordan stated.