29.09.2015 - Swiss sovereign wealth fund idea 'dangerous'
An independent sovereign wealth fund would be economically and politically useful to Switzerland, UBS chief economist Andreas Höfert believes. However, a former UBS top manager has expressed serious reservations. "Sovereign wealth funds are an excellent means to exert influence," UBS economist Andreas Höfert (pictured above) claims, in an interview with the NZZ am Sonntag (article in German) newspaper published on Sunday. "A sovereign wealth fund could help Switzerland in the new negotiations on the bilateral accords." To begin with, bold investment in foreign exchange reserves would weaken the franc, Höfert argued. The Swiss National Bank (SNB) already holds a part of its reserves abroad. But the bank is too hesitant on this score, says the UBS economist...............................................Full Article: Source
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