1.   A rising franc could hurt the Swiss economy, which is just emerging from six years of no growth, because it makes exports more expensive.

2.   A rising franc increases the value of assets denominated in francs, making them more attractive to investors.

3.   A rising franc makes Swiss bonds more attractive for foreign investors, whose return is dependent on currency fluctuations.

4.   Falling revenue and a rising franc undermined the aims.

5.   French companies, Sigogne said, managed to overcome the handicap of a rising franc by cutting production costs.

6.   The rising Swiss franc also meant export companies such as Ems-Chemie got fewer francs when foreign currency revenue was translated to francs.

7.   Years of sluggish economic growth in Europe depressed orders, while a rising Swiss franc curtailed revenue earned abroad.