EFTA Document EFTA01458291

I September 2015 Special Report: The "Great Accumulation" Is Over: Fx Reserves Have Peaked, Beware QT unAelv lc; orNdie [Mel dr. In the advanced economies holding reserves of any note-Switzerland and Japan-we expect no further accumulation in the foreseeable future. The Swiss experiment with a permanent exchange rate peg could not be repeated credibly. Instead, the SNB stands ready to intervene sporadically against acute safe-haven inflows. In order to do so credibly in the future, the