300 200 100 0 2007  2008  2009  2010  2011  2012  2013  Foreign exchange  Domestic CHF repos  Domestic USD repos  CHF swaps with foreign CBs  Loans to stabilization fund  Other assets  Source: Thomson Reuters.
No country ever will, because the cycle is driven by human psychology, which finds expression in financial behaviour as well as “real” behaviour. We are seemingly just made – “hardwired”, as some would put it – in a way that makes us prone to bouts of optimism and pessimism.