Swiss National Bank: The recent conversion to forints, involving home mortgages accounted in Swiss francs, came shortly before the Swiss National Bank unexpectedly lifted the cap on the franc that had pegged it to the euro on Jan. 15, sending global markets into a spin when the franc soared in value, according to Global Times China. There were two components to the success of the Hungarian model, Matolcsy said. One was awareness that the money market was not omnipotent and was crisis-prone. The other was a new economic policy focused on employment as well as macroeconomic equilibrium and growth and Just about everyone acknowledges how well it has been working, he said, even the business media of the European Union and the world at large, "which has been on an offensive against the Hungarian model," had praised it for its conversion of resident foreign currency loans to Hungarian forints."There were quite a few countries aboard the ship of foreign currency loans when it sprang a leak," Matolcsy said, "and only Hungary made it safely to shore."
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