Abstract
Since the breakdown of the Bretton Woods system and the change to flexible exchange rates, the Swiss franc has come to play an increasingly important role on international financial markets. The Swiss franc is generally included among the group referred to as "newly-emerging reserve currencies," and the Swiss National Bank (SNB) is often cited as an example for others to follow in prudent monetary policy management. Since 1975 the SNB has chosen to formulate its policy objective in terms of a monetary aggregate and has, as a result, raised the international importance of fluctuations in the Swiss money supply.
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