More. Obvious for some time that Germany, to protect jobs, has loaned easy money to the Euro-periphery so that they could purchase German products. In the past two years those loans to the periphery have gone bad, and German banks and Germans will have to eat the loss. Would they have been better off coming to terms with less demand for their products a couple of years ago?
Now the same question is coming up with Switzerland. To protect Swiss jobs the Swiss Central Bank has been easy with money. It sounds like they have helped loan money to the rest of the world. Now the world might not be able to repay. Are they better off for doing it than they would have been if they hadn't?