An analysis of foreign exchange interventions induced by the Czech National Bank and the Swiss National Bank over the last decade

This thesis is about interventions induced by the Czech National Bank and the Swiss National Bank. In last years central banks were using quantitative easing, but as they were in an environment of zero interest rates, most of them chose as an alternative monetary tool currency interventionism in an effort to achieve their monetary targets. Both countries have already ended their interventions, therefore analyzing the impacts and reasons for choosing this tool is highly interesting. The aims of this thesis are to analyze the default economic situation in both countries, state the reasons and the process of the interventions and to reach conclusions. The last part is devoted to a comparison of both interventions. Moreover it describes the future evolution of czech monetary policy and possible further consequences.