I am writing this in bad English instead of good German because Switzerland has four languages, and people who deal with the art of central banking read English anyway.
The Swiss National Bank (SNB) conducts Switzerland’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments.
In other words Governor Jordan is not allowed to have a tunnel Vision on monetary factors, but his acts must also create an appropriate environment for the Swiss economy as a whole.
Three days after the shock therapy which he described the country in order tho ensure price stability, he must do something for the economy as a whole.
Wonders what? Well, if you ask me he must freeze the sight deposits of banks in SNB's banlance sheet.
These sight deposits of the banking system exploded because the private Banks who bought the Euros for the SNB paid for these Euros in the fx-market not with the central bank money created out of thin air the SNB gave them, but with credit money they created themselves.
Today, these sight deposits of banks amount to about CHF 330 Billion in the SNB balance sheet. Four years ago they amounted to about CHF 40 Billion.
Conclusion, without effort. the Swiss banking system was by large the biggest profiteer of the CHF floor against the Euro. The coffers of UBS, CS, ZKB and the rest of the crowd were flooded with almost CHF 300 Billion.
This is a very serious problem for the Swiss economy. According his mandate from the Constitution Governor Jordan must act!
Here comes my (free) advice: freeze 90 percent of the amout permanently (after deduction of minimum reserves) and distribute the rest per half to the banking system, the Confederation and the Cantons.