From Alpine Salt Routes to the SNB Shock: The Complete History and Future of the Swiss Franc (CHF) | Capital Street FX
From Salt Routes to
the SNB Shock —
The Complete Story
of the Swiss Franc
Before Switzerland had a currency, it had salt caravans, alpine pass tolls, and 8,000 different coins. It unified them into one franc in 1850, survived two world wars, outlasted every gold standard that tried to contain it, and spent seven years charging investors to hold it at negative interest — and still could not stop the world from buying it. On one January morning in 2015, its central bank broke the global foreign exchange market in forty seconds. Now, with rates at zero, deflation at the doorstep, and a Middle East war funnelling every safe-haven flow in Europe directly into Zurich, the world’s most trusted currency faces its hardest test in a generation.
Salt Routes, Mountain Passes, and the Commerce That Preceded Every Coin
Centuries before the Swiss Confederation existed as a political idea, and long before anyone had conceived of a currency to serve it, the land that would become Switzerland was already among the most commercially valuable terrain on the continent — not for what it produced, but for what it permitted. The Alps. Every major north-south trade artery connecting northern Europe to the Mediterranean ran through these mountain corridors. The Great St. Bernard Pass, the Gotthard, the Simplon — these were not merely roads. They were the circulatory system of continental commerce. Iron tools moved north. Mediterranean spices, oil, and cloth moved south. Communities that controlled the mountain approaches built entire economies on transit toll revenues, guiding fees, and the exchange of goods that passed through their valleys.
The Helvetii — the Celtic people who populated the Swiss plateau before the Roman conquest — were not isolated subsistence farmers. Archaeological evidence from sites corresponding to modern Bern, Zurich, and Basel attests to inter-regional exchange networks reaching back to at least the 3rd century BC. Celtic silver bracelets recovered at those sites were fashioned from materials not native to the region. Obsidian tools, amber beads, and iron ingots appeared at settlements hundreds of kilometres from their sources. The medium of this commerce was not coin — it was barter: cattle for salt, grain for iron, wool for cloth. Salt occupied a position in this economy that its modern obscurity entirely obscures. Before refrigeration, salt was the only reliable technology for preserving food, treating hides, and maintaining livestock. Communities that controlled overland salt routes wielded economic power whose closest contemporary analogue is oil.
Roman Helvetia — The First Unified Monetary System
The Romans arrived around 58 BC and built one of the empire’s most systematically organised provincial economies in the territory. They established settlements at Basilea (Basel), Genava (Geneva), Turicum (Zurich), and Lousanna (Lausanne), and engineered a road network designed to move goods across the alpine passes efficiently. For the first time in the territory’s history, a unified monetary framework existed: Roman silver denarii and gold aurei circulated backed by imperial authority. Tax was collected in standardised coin. For four centuries, the people of Helvetia transacted within a single monetary system — an arrangement they would not see again for almost nineteen hundred years.
With the disintegration of the Western Roman Empire in the 5th century, that coherence collapsed. Germanic tribes carried barter-based exchange conventions into the territory. Church monasteries became the financial intermediaries of the early medieval era, extending credit within their networks. The few coins in circulation were minted by local nobility, bishops, and abbeys — each denomination acceptable only within a narrow geographic radius. For most people, for most of the centuries that followed, commerce in the Swiss lands meant direct exchange: a farmer’s wool for a blacksmith’s iron. Money, when it appeared, was for kings and the rare long-distance merchant brave enough to cross a mountain pass.
The Medieval Boom and 8,000 Different Currencies
The recovery of long-distance European trade from the 11th century onward transformed the alpine passes into commercial arteries of continental significance. Italian city-states — Venice, Genoa, Florence, Milan — drove an enormous increase in traffic through the mountain routes. The opening of the Gotthard Pass to wheeled traffic in the early 13th century cut weeks from the journey between Italy and the Rhine valley. The forest cantons of Uri, Schwyz, and Unterwalden — whose 1291 alliance forms the founding nucleus of the Swiss Confederation — sat precisely astride this route, extracting tolls, providing guides, and growing prosperous from transit commerce in a way their thin agricultural base alone could never have supported.
But wealth and monetary chaos coexisted. Each canton minted its own coins or accepted neighbouring currencies at rates that shifted with politics. The bishop of Basel issued his own coins. Zurich paid in ducats or thalers. In Schwyz, rappen prevailed. In the Grisons, batzen and kreuzers competed. A merchant travelling from Geneva to St. Gallen — under 300 kilometres — potentially encountered more than a dozen distinct monetary systems. By the early 19th century, the total number of distinct coins and notes circulating across the Swiss cantons exceeded 8,000 different denominations. This was not a monetary system. It was the fossilised remnant of medieval fragmentation that had never been reformed.
“Switzerland did not choose to create a currency because it wanted monetary power. It created one because 8,000 different coins had made doing business inside its own borders nearly impossible. The franc was born not from ambition, but from exhaustion with chaos.”
— CSFX Research Desk, Currency History Series · April 2026
May 7, 1850 — The Act That Turned Monetary Chaos Into Continental Credibility
The Swiss Confederation of 1848 was not primarily a monetary event, but without monetary reform the new union could not function as an integrated economy. The Federal Constitution designated the federal government as the sole authority permitted to issue money — ending the era of cantonal, episcopal, and merchant monetary prerogatives. Two years of legislative preparation followed. On May 7, 1850, the Federal Assembly passed the first Federal Coinage Act, introducing the Swiss franc as the national monetary unit, divided into 100 rappen or centimes, aligned with the French decimal system. The new coin was modelled precisely on the French silver franc: one Swiss franc equalled exactly one French franc, pegged to 4.5 grams of fine silver. The first Swiss coins were not even struck in Switzerland — the 1850 issues bore the marks of Paris, Strasbourg, and Brussels. A national currency for a new nation, manufactured in three foreign cities. It was an act of practical internationalism that previewed almost everything about the franc’s future character.
The period from 1850 to 1907 is a genuine anomaly in central banking history: a functioning national currency existing without any central bank to govern it. The Coinage Act regulated metallic coins, but banknotes were issued by a competitive patchwork of private and cantonal institutions, each trusted only within its geographic range and none subject to common reserve requirements. A constitutional revision in 1891 gave the Confederation exclusive banknote rights, but jurisdictional disputes over the central bank’s legal form and headquarters delayed its creation for another sixteen years. The Swiss National Bank finally opened in June 1907 — fifty-seven years after the currency it was meant to manage came into existence.
Through Both World Wars — The Sole Devaluation in Swiss Monetary History
The First World War subjected Switzerland to a test that would define its monetary philosophy permanently. Surrounded on every side by belligerents, Switzerland temporarily suspended gold convertibility to manage wartime economic pressure. Swiss inflation rose — but far below the catastrophic levels experienced in Germany, Austria, and France. What the war left behind was a deeper conviction among the Swiss political class that monetary discipline was a survival mechanism rather than an economic nicety. A sound, credible currency was the means by which a small, landlocked nation maintained independence from the larger powers that encircled it. This conviction shaped everything that followed.
The interwar period tested it severely. As trading partners devalued through the 1930s, Switzerland held its gold commitment with a stubbornness that looked like prudence and then, as the franc became grotesquely overvalued, like self-destruction. By 1936, with the British pound, US dollar, and French franc all having devalued substantially, the Swiss franc was uncompetitive across every export category. Deflation had taken hold. On September 27, 1936, the SNB capitulated — devaluing the franc by 30%, from 0.29032 grams of gold per franc to 0.20322 grams. This was the only devaluation in the Swiss franc’s modern history. In the 89 years since, the franc has not been formally devalued once. Every subsequent direction of movement has been appreciation.
Switzerland joined the Bretton Woods system in 1945, pegging the franc to the US dollar at CHF 4.375 per dollar. The postwar decades were years of extraordinary prosperity: exports boomed, banking expanded globally, and political neutrality made Switzerland the preferred domicile for international capital seeking Cold War protection. A legal gold-backing requirement — a minimum of 40% coverage for notes in circulation — remained in force, cementing a reputation for monetary conservatism that no other major economy could match. This gold standard would remain, in modified form, until the year 2000 — making Switzerland the last developed country to formally decouple its currency from gold.
Nixon Cuts the Cord — And the World Discovers What the Franc Is Worth
When Nixon ended dollar-gold convertibility on August 15, 1971, the Bretton Woods peg of 4.375 that had anchored the franc for twenty-six years collapsed overnight. The franc was set free to float — and capital responded immediately. The safe-haven premium the franc had been accumulating for decades was now free to express itself in the market. The franc appreciated sharply against every major currency. By 1978, appreciation pressure against the Deutsche Mark — Switzerland’s most important trading partner — had become so severe that the SNB set an explicit floor against it, holding a target around DM 0.80 per franc. To defend the peg, the SNB printed Swiss francs in volume. Swiss inflation reached 4% by 1981. The peg was abandoned. The franc resumed its appreciation. The SNB had learned its first lesson about the asymmetric cost of defending currency floors — a lesson it would have to relearn in 2011 and 2015.
What distinguishes the Swiss franc from virtually every other developed-market currency is the self-reinforcing architecture of its safe-haven role. Switzerland runs a persistent current account surplus. It is the world’s largest net creditor nation on a per-capita basis, with Swiss institutions holding enormous stocks of foreign assets. When global risk rises, those assets are repatriated — selling foreign securities and buying francs. Foreign investors simultaneously seek franc-denominated assets as portfolio insurance. Both flows reinforce each other, and the result is a currency that strengthens most reliably precisely when its export economy least needs it to.
When Europe Doubted the Euro, the World Bought Swiss Francs — Until the SNB Said Enough
The Global Financial Crisis of 2008 compressed decades of safe-haven demand into months. USD/CHF fell toward parity for the first time in modern history. The European sovereign debt crisis of 2010–2012 proved even more consequential. As doubts about the euro’s survival circulated through European capitals, EUR/CHF — which had traded around 1.50 through most of the pre-crisis decade — fell from 1.50 to 1.10 in twelve months. In August 2011 it touched 1.07. Parity with the euro seemed genuinely imminent. The SNB was watching its export economy face obliteration.
On September 6, 2011, the SNB announced a hard floor on EUR/CHF at 1.20 and stated it was “prepared to buy foreign currency in unlimited quantities” to defend it. EUR/CHF surged from 1.10 to 1.20 in a single session — the largest single-day franc depreciation ever recorded. For three years and four months, the floor held. The market treated it as inviolable. Up to 99% of leveraged EUR/CHF positions were long the pair. The SNB had, without knowing it, created the conditions for the most violent currency event in modern developed-market history.
Nine Words, Forty Seconds, and a Global Market Breakdown
On January 12, 2015 — three days before the catastrophe — SNB Vice-Chairman Jean-Pierre Danthine told reporters that the EUR/CHF floor “must remain the cornerstone of our monetary policy.” Markets took note. Then, on January 15, 2015, at 9:30 AM Zurich time, the SNB released nine words: “The SNB is discontinuing the minimum exchange rate of CHF 1.20 per euro.” EUR/CHF fell from 1.20 to as low as 0.82 within seconds. USD/CHF surged 25% in the same timeframe. The Swiss Market Index fell more than 10%. One major British broker declared insolvency that day. A major US forex broker suffered $225 million in client losses and required emergency rescue. For approximately forty minutes, there were no executable quotes in EUR/CHF at all. ECN prices briefly touched 0.20. Spreads reached 2,000–3,000 pips. The market-making infrastructure had entirely ceased to function.
The January 15, 2015 SNB Shock remains, eleven years later, the definitive case study in what happens when a central bank creates a one-way trade, allows the market to crowd into it, and removes the floor without warning. Its mechanics warrant precise understanding.
The SNB’s rationale was coherent: the ECB was days from launching QE that would further weaken the euro. Maintaining the 1.20 floor would require printing unlimited Swiss francs to buy depreciating euros indefinitely. The cost had become open-ended. The SNB chose its own terms over a losing battle. The decision was defensible. The communication — confirming the floor on January 12 and removing it on January 15 — was the catastrophe that reshaped how every major central bank communicates its commitments to this day.
The SNB simultaneously cut its benchmark to −0.75% — among the deepest negative rates ever implemented by a major central bank — attempting to deter safe-haven inflows by making franc-denominated assets expensive to hold. The negative rate era had begun. It would last seven years and eight months.
The World’s Longest Negative Rate Experiment — and What It Proved About Safe-Haven Currencies
From January 2015 to September 2022 — spanning three US presidents, a global pandemic, and a European war — Switzerland held its policy rate at negative 0.75%, the most sustained deeply negative rate environment in the history of major central banking. The theory was clear: if holding Swiss francs cost 0.75% annually, the carry cost would eventually exceed the safe-haven premium and capital would flow out. The reality was not cooperative. EUR/CHF spent the entire negative rate era below the 1.20 floor the SNB had been defending in 2011 — proving that the floor removal had solved nothing about the structural appreciation pressure that caused it.
In June 2022, as global inflation surged following the COVID supply disruption and Russia’s invasion of Ukraine, the SNB delivered another shock: a surprise 50-basis-point rate hike, catching markets that had priced near-zero probability of action and lifting the policy rate off its floor for the first time in seven years. By June 2023, rates stood at 1.75%. But the tightening cycle proved short-lived. Swiss inflation peaked rapidly and fell back toward zero. On March 21, 2024, the SNB made its next decisive move: a 25-basis-point cut to 1.50%, making it the first major central bank in the world to begin the post-pandemic easing cycle. Six consecutive cuts followed. By June 2025, the rate was back at 0.00%.
Zero Rates, a Safe-Haven Surge, and an SNB Toolkit Running Short of Options
Switzerland enters April 2026 with a policy rate of exactly 0.00% and a currency that, despite six consecutive rate cuts, continues to attract buyers at every level. EUR/CHF trades near 0.9213. USD/CHF sits near 0.7904. GBP/CHF is approximately 1.0589. These are not comfortable levels for the SNB. Swiss inflation in March 2026 rose to 0.3% — a one-year high driven by energy costs from the Middle East conflict — but this energy-driven inflation is occurring simultaneously with a contracted Q3 2025 GDP print and structural deflationary pressure from the strong franc depressing import prices. The policy toolkit is being pulled in four directions at once: inflation rising (argues against cuts), growth contracting (argues for cuts), franc too strong (argues for intervention), and negative rate risk generating political resistance from savers and banks.
The franc’s safe-haven properties are being tested by the Middle East war more forcefully than at any point since the European debt crisis. EUR/CHF briefly broke below 0.90 in early March 2026 — the first time in over a decade — prompting significant SNB verbal intervention and suspected FX operations that pushed the rate back to 0.917 by month end. At its March 19 meeting, the SNB held rates at 0%, slightly raised its 2026 inflation forecast to 0.5%, and confirmed that FX intervention remains its primary active lever. The market is now pricing in two SNB rate hikes by December 2026, driven by energy pass-through into Swiss CPI. But the SNB’s domestic priority is deflation prevention, and the conflict between that goal and the energy-driven inflation now entering the data creates the most complex policy environment the SNB has navigated since 2015.
Four Scenarios for the Franc Through 2026
War escalation drives sustained safe-haven inflows. SNB FX intervention insufficient to stem structural flows. EUR/CHF breaks and holds below 0.90. USD/CHF falls toward all-time low zone near 0.70. The SNB faces a 2011-scale dilemma and must choose between negative rates and a politically costly currency ceiling, while Washington monitors FX manipulation.
SNB moves to negative rates or delivers surprise FX intervention at scale. ECB hike cycle driven by Middle East energy inflation widens EUR-CHF yield differential sharply. War de-escalation reduces safe-haven demand. EUR/CHF recovers toward 0.95–0.97. USD/CHF returns to 0.85–0.88. The historic 2.6-point yield differential between German and Swiss 10-year bonds becomes the dominant force.
The SNB delivers a large-scale unannounced FX purchase programme, producing a sharp discontinuous CHF depreciation in a single session. EUR/CHF surges 3–5% in hours. CHF carry trades are violently squeezed. The SNB has a documented institutional habit of surprising markets in either direction without prior communication. This is not a low-probability event — it is a recurring feature of the CHF landscape.
The most likely path: EUR/CHF oscillates in the 0.91–0.93 range as war-driven safe-haven demand is periodically offset by SNB verbal intervention and tactical FX operations. No dramatic move in either direction. USD/CHF holds 0.78–0.82. Inflation at 0.3%–0.5% is insufficient to trigger rate hikes. First SNB hike not expected until H2 2027. The 12-month consensus from J. Safra Sarasin and UBS converges around EUR/CHF 0.91–0.94.
Where the Franc Goes Next — Multi-Horizon Projections
The projections below synthesise the current rate environment, analyst consensus from major institutions (UBS, J. Safra Sarasin, ING, Capital Economics, LongForecast), and the structural forces documented throughout this article. All projections carry material uncertainty and should be read as evidence-based ranges rather than guaranteed outcomes. The SNB’s documented history of surprise policy actions — in either direction, without prior communication — means that any projection horizon carries discontinuous risk that no model can fully capture.
| Horizon | USD/CHF Range | EUR/CHF Range | Bias | Key Driver | Primary Risk |
|---|---|---|---|---|---|
| 1 Week Apr 10–17 2026 |
0.776–0.808 | 0.912–0.932 | Neutral | The US–Iran two-week ceasefire is moderately reducing immediate safe-haven pressure. Geopolitical headlines and oil price moves dominate near-term direction. | Sudden war re-escalation or unannounced SNB verbal intervention could move EUR/CHF by 1.5% in a single session. |
| 1 Month May 2026 |
0.762–0.818 | 0.905–0.961 | CHF Firm | No SNB meeting in May (quarterly schedule). War trajectory determines safe-haven intensity. LongForecast projects USD/CHF averaging ~0.775 by May end-month. | A hawkish ECB surprise driven by Middle East energy inflation would widen the EUR–CHF yield differential and weaken CHF against the euro specifically. |
| 1 Year Apr 2027 |
0.693–0.780 | 0.920–0.970 | Modestly Stronger | Rate differential compresses as ECB hikes and SNB holds. War de-escalation removes some safe-haven premium. UBS base case: EUR/CHF ~0.94. J. Safra Sarasin: first SNB hike in H2 2027. | A surprise SNB cut to negative territory (triggered if EUR/CHF breaks 0.88) could reverse appreciation sharply. LongForecast median projects USD/CHF as low as 0.693 by Q1 2027. |
| 3 Years Apr 2029 |
0.630–0.750 | 0.880–0.960 | Structurally Stronger | Fed easing in 2027–28 narrows the US–Swiss rate differential from both ends. Switzerland’s current account surplus and net creditor position provide structural CHF support. LongForecast median: USD/CHF near 0.65 by end-2028. | A US economic rebound with Fed re-tightening would widen the differential and support a stronger dollar. Swiss export-sector political pressure could trigger another attempt at an SNB currency ceiling. |
| 5 Years Apr 2031 |
0.580–0.720 | 0.840–0.940 | Long-Run Trend | The franc’s 50% appreciation vs USD since 2000 reflects a structural trend driven by Switzerland’s superior current account, creditor status, and institutional stability. Consensus projects continued gradual appreciation under most macro scenarios. Some analysts project USD/CHF below 0.62 by 2030 under continued dollar weakness scenarios. | A new global monetary architecture or a Swiss export crisis severe enough to force another SNB ceiling could interrupt the structural trend. The SNB’s balance sheet, already ~CHF 700bn+, limits the scale of further large intervention without monetary consequences. |
These projections are forward-looking estimates based on available analysis as of April 2026. Currency forecasts are inherently uncertain. The SNB’s documented history of surprise policy actions means discontinuous outcomes within any horizon cannot be excluded. These projections do not constitute investment advice.
What 175 Years of Swiss Monetary History Has Proven
1. The Franc Appreciates in Every Crisis, Regardless of Where the Crisis Originates
The 1973 oil shock. The 1987 equity crash. The 1997 Asian crisis. The 2008 financial collapse. The 2011 European debt crisis. The 2020 pandemic. The 2022 Ukraine invasion. The 2025–26 Middle East conflict. In each case, the franc strengthened — not because Switzerland was directly affected, but because the safe-haven flywheel activates whenever global uncertainty rises. Swiss investors repatriate capital. Foreign investors seek franc-denominated assets as insurance. Both flows reinforce each other and overwhelm almost any interest rate tool the SNB deploys against them. Trading against safe-haven franc strength in a genuine global crisis is, historically, one of the most reliably punishing strategies in foreign exchange.
2. The SNB Is the Most Dangerous Central Bank to Trade Against — in Either Direction
No major central bank has delivered more market-moving surprises in the past twenty-five years than the Swiss National Bank. The 1978 Deutsche Mark floor. The September 2011 EUR/CHF ceiling. The January 2015 removal of that ceiling. The June 2022 shock 50-basis-point hike. The March 2024 first-mover global rate cut. Every single one of those actions was preceded by market consensus expecting something different — or nothing at all. The SNB does not lack an objective function: it is to prevent excessive CHF appreciation and deflation while maintaining price stability. That function is knowable. What is not knowable is when the SNB decides the constraint has been sufficiently violated to act. In CHF markets, the element of surprise is an institutional tool, not a communication failure.
3. Seven Years of Negative Rates Could Not Beat the Structural Safe-Haven Bid
Switzerland’s −0.75% rate experiment from 2015 to 2022 produced a definitive verdict: the structural safe-haven demand for the franc is more powerful than the cost of carrying it at any interest rate a major central bank can practically impose. EUR/CHF spent the entire negative rate era below the 1.20 floor the SNB had been defending in 2011, proving that neither the floor removal nor the negative rate policy had resolved the underlying appreciation pressure. Negative rates damaged savers, compressed bank margins, and generated political resentment. They did not produce sustained franc weakness. If safe-haven demand is structural, it cannot be solved by policies designed to address cyclical problems.
4. Swiss Currency Strength and Swiss Economic Prosperity Move in Opposite Directions
The franc has appreciated 50%+ against the dollar since 2000 and substantially against every major peer. Swiss GDP growth in the same period has averaged below 1.5% annually — modest by developed-market standards and structurally insufficient to absorb the labour market pressures of an ageing population. Currency strength has elevated Switzerland’s per-capita wealth rankings while simultaneously suppressing nominal income growth, export competitiveness, and corporate investment returns. The franc is an excellent store of value for those who hold it. It is a structural burden for the economy that issues it. These two facts coexist permanently and neither cancels the other.
5. No Central Bank Promise Is Unconditional — The SNB Proved It
The January 2015 SNB Shock proved, with forensic clarity, something that every trader should treat as a foundational principle: no central bank commitment is permanent. The SNB said the 1.20 floor was the “cornerstone” of its policy on January 12. It removed it on January 15. That gap was not incompetence — it was a calculated decision that the cost of honouring the commitment had exceeded its benefit. Every currency floor, every forward guidance statement, every policy pledge carries an implicit price at which the issuer will stop defending it. The SNB’s history is the most concentrated record available of what happens when markets forget that price exists.
The Franc Has Outlasted Every System Built to Contain It
The Swiss franc’s story is, at its deepest level, a story about what happens when a currency is more trusted than the world around it. It began in 1850 as a practical solution to the disorder of 8,000 cantonal coins. It survived the gold standard, two world wars, the Great Depression, the Bretton Woods collapse, and the most sustained experiment with negative interest rates in financial history. It strengthened through every major crisis of the past fifty years. Its only formal devaluation — September 27, 1936 — was followed by almost nine decades of uninterrupted real appreciation against every major peer.
That record of integrity is simultaneously the franc’s greatest asset and its most persistent policy liability. A currency that the world treats as safer than the institutions of the country that issues it creates a permanent tension that no central bank toolkit can dissolve. The SNB has spent five decades managing that tension — through Deutsche Mark floors, euro ceilings, negative interest rates, and periodic shock moves that reset market expectations. None of those interventions has reversed the long-run direction of appreciation, because none has addressed the structural fundamentals that drive it: Switzerland’s current account surplus, its net creditor position, its institutional neutrality, and the enduring human tendency to seek safety when the world grows dangerous.
As of April 2026, the franc is navigating simultaneously the tightest SNB toolkit in a decade (rates at zero, balance sheet near CHF 700bn), the strongest safe-haven demand since the European debt crisis (Middle East war, energy shock), and the most compressed domestic inflation outlook since the negative rate era. The most likely outcome is contained strength: EUR/CHF oscillating between 0.91 and 0.94, USD/CHF holding below 0.82, with the SNB intervening verbally and occasionally operationally to prevent a decisive break below 0.90. The tail risk — a disorderly franc surge that forces negative rates and another epoch-defining SNB policy shift — is lower probability but higher impact than at any point since 2015.
What is certain is this: the Swiss franc will continue to do what it has done for 175 years — appreciate with exceptional consistency, strengthen when the world most wants it to weaken, and periodically remind traders that the central bank that manages it has no ideological aversion to surprising them. The mountain money endures. It has survived more than two millennia of alpine barter, cantonal chaos, wartime inflation, and central bank experimentation. Those who have understood that — across every era of its existence — have, on balance, been on the right side of history.
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