“Once the dust settles, the markets will come to recognise that the SNB did it right. Central banks are powerful because they can take important decisions, not when they are seen to bow to market pressure. Remember the taper tantrum that followed President Bernanke’s gentle reminder that QE was not for ever. This pre-announcement was also seen as a loss of credibility. It seems that central banks can never win when their actions cause investor losses.”
Charles Wyplosz on the end of the Swiss franc’s one-sided exchange rate band.
More here: http://www.voxeu.org/article/end-swiss-franc-s-one-sided-exchange-rate-band

(Picture from the Economist and Miles Cole)