Can the National Bank therefore not serve as an example for the European Central Bank?
J.-P. R.: There are two big differences between the currency integration of 1850 in Switzerland and that of today in euroland. Switzerland in 1850 already had a federal government and a federal constitution. The EU does not have a government and a constitution has been on the drawing board for years. The currency integration [of Switzerland] was more simple to carry out because the cantons managed to agree on a gold currency, that means a common value standard. As a result, confidence in the new franc was automatically assured because its value was defined by gold. Today there are no gold standards any more. Confidence is based on the policy of the European Central Bank. Such a currency integration is much more difficult to manage.
