Fig. 1

Development of the SNB’s foreign currency investments (FCI) in billion CHF (left vertical axis, blue dashed line) and the observed EUR/CHF exchange rate (right vertical axis, black solid line). Dotted lines indicate the estimated breakpoints (discussed in Sects. 2.2 and 4.1). The shaded area marks the peg period. Marked dots indicate the level of FCI at the end of January 2000, January 2008, September 2011, January 2015, and December 2020, respectively. Sample period: January 2000–December 2020. Data sources: SNB Data Portal and Refinitiv