There are currently huge flows into the Swissie from the Euro particularly Germany. The SNB tried to absorb this by selling SF for Euro but like the UK in 92 they were swamped by the market volume. The last time this became critical for the Swiss in the 70s they imposed negative interest rates on foreign holders of their currency. They may yet have to do this again.
My annual ski jaunt to Switzerland is starting to look very expensive!
The IMF is making increasingly concerned noises about the less than stressful Eurozone bank stress tests. In particular the lack of a sovereign default test and a transparency of how much such Eurocrap the Eurozone banks are holding. Transparency on the former is political poison to the Eurocrats and we have not yet seen any transparency from the banks on the amount of US trailer trash toxic debt they hold.
Why do the Yanks go Scot free after deliberately polluting the whole world financial system and BP get trashed for an accident? Phrases like too big to fail and only those with US votes count come to mind.
In the UK educational system we have seen the results of the none shall fail policy, an inexorable decline in standards. Thus will it be with banks and the money markets will decide between good and bad banks just as UK parents with money can decide between good and bad schools.