Since the beginning of the current crisis, the Swiss franc has strongly appreciated against the euro in particular because it plays the role international safe haven. Even if the country is not a full member of European Union (EU), Switzerland is frequently affected by the Swiss franc/euro exchange rate pass-through given the country's high level of de facto economic integration to the EU. The Swiss National Bank (SBN)'s decision on September 6th to set up a peg to the euro which is still effective shows such a monetary problematic. Hence we discuss in this paper Switzerland's real degree of monetary autonomy. We argue that if the stance of "non adhesive integration" often implies losses of monetary autonomy in the short run, it induces too more margins for the monetary policy in the medium and in the long run. This prevents the Swiss franc from disappearing which is crucial for the country as a whole.
