{"id":936,"date":"2026-03-03T09:14:35","date_gmt":"2026-03-03T08:14:35","guid":{"rendered":"https:\/\/souverainete-suisse.ch\/?p=936"},"modified":"2026-03-03T09:14:35","modified_gmt":"2026-03-03T08:14:35","slug":"negative-rates-when-the-nbs-taxes-savings-to-defend-the-euro","status":"publish","type":"post","link":"https:\/\/test.souverainete-suisse.ch\/en\/2026\/03\/negative-rates-when-the-nbs-taxes-savings-to-defend-the-euro\/","title":{"rendered":"Negative interest rates: when the SNB taxes savings to defend the euro"},"content":{"rendered":"<p><em>What if the real problem wasn't the strength of the franc... but the fear of taking it on?<\/em><br \/>\n<em>Every time the euro falters, the same thing happens: intervention, implicit threats, pressure on the national currency. Behind the technocratic vocabulary lies a simple reality - Swiss savings are once again being penalised in order to correct the weaknesses of others.<\/em><br \/>\n<em>Here's why this logic is jeopardising our monetary sovereignty.<\/em><\/p>\n<p id=\"ember1873\" class=\"ember-view reader-text-block__paragraph\">What if the real problem wasn't the strength of the franc... but the fear of taking it on?<\/p>\n<p id=\"ember1874\" class=\"ember-view reader-text-block__paragraph\">Every time the euro falters, the same thing happens: intervention, implicit threats, pressure on the national currency. Behind the technocratic vocabulary lies a simple reality - Swiss savings are once again being penalised in order to correct the weaknesses of others.<\/p>\n<p id=\"ember1875\" class=\"ember-view reader-text-block__paragraph\">Here's why this logic is jeopardising our monetary sovereignty.<\/p>\n<h3 id=\"ember1876\" class=\"ember-view reader-text-block__heading-3\">The strong franc is not a problem. It's a signal.<\/h3>\n<p id=\"ember1877\" class=\"ember-view reader-text-block__paragraph\">When the euro approaches CHF 0.90, this is not an anomaly.<\/p>\n<p id=\"ember1878\" class=\"ember-view reader-text-block__paragraph\">That's the market talking.<\/p>\n<p id=\"ember1879\" class=\"ember-view reader-text-block__paragraph\">It's confidence in Swiss stability.<\/p>\n<p id=\"ember1880\" class=\"ember-view reader-text-block__paragraph\">It's a flight from European monetary instability.<\/p>\n<p id=\"ember1881\" class=\"ember-view reader-text-block__paragraph\">It's the search for a refuge from geopolitical tensions.<\/p>\n<p id=\"ember1882\" class=\"ember-view reader-text-block__paragraph\">Punishing this confidence is tantamount to punishing discipline.<\/p>\n<h3 id=\"ember1883\" class=\"ember-view reader-text-block__heading-3\">\u00abExcessive appreciation\u00bb: a convenient argument<\/h3>\n<p id=\"ember1884\" class=\"ember-view reader-text-block__paragraph\">The formula is now well established:<\/p>\n<p id=\"ember1885\" class=\"ember-view reader-text-block__paragraph\">a rapid and excessive appreciation of the franc should be \u00abcountered\u00bb to preserve price stability.<\/p>\n<p id=\"ember1886\" class=\"ember-view reader-text-block__paragraph\">But let's look at the facts.<\/p>\n<p id=\"ember1887\" class=\"ember-view reader-text-block__paragraph\">A strong franc lowers the price of imports: energy, raw materials and consumer goods.<\/p>\n<p id=\"ember1888\" class=\"ember-view reader-text-block__paragraph\">It acts as a natural buffer against global inflation.<\/p>\n<p id=\"ember1889\" class=\"ember-view reader-text-block__paragraph\"><strong>So where's the danger?<\/strong><\/p>\n<p id=\"ember1890\" class=\"ember-view reader-text-block__paragraph\">When the SNB talks about a threat to price stability, it is not talking about runaway inflation.<\/p>\n<p id=\"ember1891\" class=\"ember-view reader-text-block__paragraph\">In fact, it is talking about inflation that is deemed to be... insufficient.<\/p>\n<p id=\"ember1892\" class=\"ember-view reader-text-block__paragraph\">In other words:<\/p>\n<p id=\"ember1893\" class=\"ember-view reader-text-block__paragraph\">the Swiss currency would be too stable.<\/p>\n<p id=\"ember1894\" class=\"ember-view reader-text-block__paragraph\">Austrian logic, <strong>this reasoning is profoundly fallacious<\/strong>.<\/p>\n<p id=\"ember1895\" class=\"ember-view reader-text-block__paragraph\">For Friedrich Hayek, stability does not mean artificially maintaining a general price level, but letting market signals reflect economic reality.<\/p>\n<p id=\"ember1896\" class=\"ember-view reader-text-block__paragraph\">Lower prices thanks to a strong currency are not a threat. They are a gain in purchasing power.<\/p>\n<p id=\"ember1897\" class=\"ember-view reader-text-block__paragraph\">To describe this dynamic as \u00abexcessive\u00bb is to pathologise virtue.<\/p>\n<p id=\"ember1898\" class=\"ember-view reader-text-block__paragraph\">It is not the franc that is jeopardising price stability.<\/p>\n<p id=\"ember1899\" class=\"ember-view reader-text-block__paragraph\">It is repeated intervention that creates imbalances - artificial expansion of the balance sheet, asset distortions, dependence on foreign markets.<\/p>\n<p id=\"ember1900\" class=\"ember-view reader-text-block__paragraph\">The truth is simpler:<\/p>\n<p id=\"ember1901\" class=\"ember-view reader-text-block__paragraph\">A strong franc exposes the weaknesses of weaker currencies.<\/p>\n<p id=\"ember1902\" class=\"ember-view reader-text-block__paragraph\">And that's disturbing.<\/p>\n<h3 id=\"ember1903\" class=\"ember-view reader-text-block__heading-3\">Negative rates: the invisible tax<\/h3>\n<p id=\"ember1904\" class=\"ember-view reader-text-block__paragraph\">Between 2015 and 2022, the SNB imposed a key rate of -0.75 %.<\/p>\n<p id=\"ember1905\" class=\"ember-view reader-text-block__paragraph\">Consequences:<\/p>\n<ul>\n<li>Massive erosion of returns on savings<\/li>\n<li>Soaring property prices<\/li>\n<li>Distortions in pension funds<\/li>\n<li>Artificial overvaluation of financial assets<\/li>\n<\/ul>\n<p id=\"ember1907\" class=\"ember-view reader-text-block__paragraph\">The SNB has accumulated a balance sheet of almost CHF 1,000 billion, including hundreds of billions in foreign securities.<\/p>\n<p id=\"ember1908\" class=\"ember-view reader-text-block__paragraph\">Even today, exposure to US assets exceeds CHF 360 billion.<\/p>\n<p id=\"ember1909\" class=\"ember-view reader-text-block__paragraph\">This means:<\/p>\n<p id=\"ember1910\" class=\"ember-view reader-text-block__paragraph\">\u2b95 Dependence on foreign currency cycles<\/p>\n<p id=\"ember1911\" class=\"ember-view reader-text-block__paragraph\">\u2b95 Geopolitical vulnerability<\/p>\n<p id=\"ember1912\" class=\"ember-view reader-text-block__paragraph\">\u2b95 Socialisation of potential losses<\/p>\n<h3 id=\"ember1913\" class=\"ember-view reader-text-block__heading-3\">The Austrian school explained it a century ago<\/h3>\n<p id=\"ember1914\" class=\"ember-view reader-text-block__paragraph\">For Ludwig von Mises, the manipulation of interest rates is the root of artificial cycles.<\/p>\n<p id=\"ember1915\" class=\"ember-view reader-text-block__paragraph\">For Friedrich Hayek, artificially low interest rates destroy the healthy structure of capital.<\/p>\n<p id=\"ember1916\" class=\"ember-view reader-text-block__paragraph\">An interest rate is not a political button.<\/p>\n<p id=\"ember1917\" class=\"ember-view reader-text-block__paragraph\">It's a prize.<\/p>\n<p id=\"ember1918\" class=\"ember-view reader-text-block__paragraph\">The price of time.<\/p>\n<p id=\"ember1919\" class=\"ember-view reader-text-block__paragraph\">When you falsify it, you falsify the whole economy.<\/p>\n<h3 id=\"ember1920\" class=\"ember-view reader-text-block__heading-3\">Ferdinand Lips had warned<\/h3>\n<p id=\"ember1921\" class=\"ember-view reader-text-block__paragraph\">Ferdinand Lips reminded us that monetary solidity is at the heart of sovereignty.<\/p>\n<p id=\"ember1922\" class=\"ember-view reader-text-block__paragraph\">Weakening our currency to support that of others means diluting our own independence.<\/p>\n<p id=\"ember1923\" class=\"ember-view reader-text-block__paragraph\">The strong franc is a reward for Swiss budgetary discipline.<\/p>\n<p id=\"ember1924\" class=\"ember-view reader-text-block__paragraph\">To fight against it is to deny our model.<\/p>\n<h3 id=\"ember1925\" class=\"ember-view reader-text-block__heading-3\">Defending 90 centimes?<\/h3>\n<p id=\"ember1926\" class=\"ember-view reader-text-block__paragraph\">We are already hearing talk of a \u00abfatal\u00bb threshold.<\/p>\n<p id=\"ember1927\" class=\"ember-view reader-text-block__paragraph\">But fatal for whom?<\/p>\n<p id=\"ember1928\" class=\"ember-view reader-text-block__paragraph\">For unsuitable industry?<\/p>\n<p id=\"ember1929\" class=\"ember-view reader-text-block__paragraph\">For export strategies dependent on weak currencies?<\/p>\n<p id=\"ember1930\" class=\"ember-view reader-text-block__paragraph\">Or for an interventionist approach that rejects the market signal?<\/p>\n<p id=\"ember1931\" class=\"ember-view reader-text-block__paragraph\">The Confederation has never prospered by manipulating its currency.<\/p>\n<p id=\"ember1932\" class=\"ember-view reader-text-block__paragraph\">It has thrived on stability, neutrality and responsibility.<\/p>\n<h3 id=\"ember1933\" class=\"ember-view reader-text-block__heading-3\">Conclusion<\/h3>\n<p id=\"ember1934\" class=\"ember-view reader-text-block__paragraph\">The strength of the franc is not a danger.<\/p>\n<p id=\"ember1935\" class=\"ember-view reader-text-block__paragraph\">It's a worldwide vote in favour of Switzerland.<\/p>\n<p id=\"ember1936\" class=\"ember-view reader-text-block__paragraph\">Taxing savings, manipulating currency markets and inflating a colossal balance sheet to weaken its own currency is not a strategy of sovereignty.<\/p>\n<p id=\"ember1937\" class=\"ember-view reader-text-block__paragraph\">It's an admission of weakness.<\/p>\n<p id=\"ember1938\" class=\"ember-view reader-text-block__paragraph\">If Switzerland wants to remain independent, it must stop apologising for being stable.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Et si le v\u00e9ritable probl\u00e8me n\u2019\u00e9tait pas la force du franc\u2026 mais la peur de l\u2019assumer ? Chaque fois que l\u2019euro vacille, la m\u00eame m\u00e9canique se remet en marche : intervention, menace implicite, pression sur la monnaie nationale. Derri\u00e8re le vocabulaire technocratique, une r\u00e9alit\u00e9 simple \u2014 on s\u2019appr\u00eate encore \u00e0 p\u00e9naliser l\u2019\u00e9pargne suisse pour corriger [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,9,11],"tags":[],"class_list":["post-936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politique-interieure","category-politique-internationale","category-ue"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Taux n\u00e9gatifs : quand la BNS taxe l\u2019\u00e9pargne pour d\u00e9fendre l\u2019euro - Mouvement Souverainet\u00e9 Suisse<\/title>\n<meta name=\"description\" content=\"Franc fort, euro \u00e0 0,90 CHF, taux n\u00e9gatifs : la BNS p\u00e9nalise-t-elle l\u2019\u00e9pargne suisse pour affaiblir sa propre monnaie ? 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