I personally feel the crux of the issue is not about who is winning it but how would one sustain some santity in the fundamentals of the already beleaguered euro region.

I think this unpegging of Swiss francs against the euro pretty much signifies that the SNB has thrown in the towel. QE by the ECB, abysmally low crude have all contributed to the Swiss central bank resigning to its fate.

I, for one would never support pegging currencies by central banks but if there was any time where a central bank had to continue pursuing intervention in currency markets, it was this.

It could have persuaded the Swiss govt to impose quantitative restrictions or the 'quota raj' as we call it india to arrest the inflows. This, coupled with the negative interest rates prevailing in Switzerland could have had the desired effect in the economy, even if it means going back to the pre-liberalised era, if need be.

But by reverting to the market driven exchange rates at this juncture, they are only going to invite more inflows despite the negative rates as the gains to be had on currency appreciation would offset the losses incurred in negative interest rates.