Swiss central bank under scrutiny after franc shock

Six weeks after a fateful decision that blasted its currency skywards, Switzerland's central bank is coming under intense scrutiny, with critics calling for changes to its insular policy practices and century-old ownership structure. The shock of the Jan. 15 move by the Swiss National Bank (SNB) to abandon the franc's three-year-old cap against the euro is still reverberating, with politicians stepping up their criticism as the economy falters. The Social Democratic Party (SP) is pushing for a parliamentary debate on the workings of the SNB and its tiny three-governor board, a structure it says has led to opaque decision-making. The move by the SP, which holds two seats on the seven-member council that governs Switzerland, is part of a wider backlash since the SNB move that sent the franc soaring against the euro, threatening an economy that relies heavily on exports to Europe.

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