Today’s decision by the Swiss National Bank to apply a limit of 1.20 per euro to the franc is a bold move which it has pledged to defend at all costs. But in the end, there may be limits to how many francs the Bank is prepared to “print”, implying that the currency might renew its ascent in time. And even at SFr1.20, the franc’s level is high, implying that Swiss exports will drop nonetheless.