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Swiss Franc Way Up, Euro Down After Switzerland Removes Currency Cap

Lines wrapped around city blocks as people waited to change their Swiss francs at a currency exchange office on January 15, 2015 in Geneva. (Fabrice Coffrini/AFP/Getty Images)
Lines wrapped around city blocks as people waited to change their Swiss francs at a currency exchange office on January 15, 2015 in Geneva. (Fabrice Coffrini/AFP/Getty Images)

Anxiety is high today in Europe and around the world, after the Swiss National Bank decided yesterday to remove the cap on its currency.

Within minutes of that announcement, the Swiss franc jumped 30 percent against the euro, and many traders suffered huge losses.

Derek Thompson of The Atlantic joins Here & Now’s Jeremy Hobson to discuss the timing of the removal, and what it means for the euro and international markets.

Guest

  • Derek Thompson, senior editor at The Atlantic. He tweets @DKThomp.
  • Copyright 2021 NPR. To see more, visit https://www.npr.org.