There was a special report in a newspaper yesterday on the effects of a strong Swiss franc on Switzerland’s economy. It wasn’t that long ago that I went to Switzerland twice, and I know a few people living there, so I could relate the article to a few of my personal experiences.
昨天讀報談到瑞士法郎大幅升值如何影響瑞士經濟，我不久前到過瑞士兩次，也認識一些在瑞士的人，所以讀後甚有共鳴。
Before the Swiss franc has reached such crazy heights as today's, Switzerland is already rather (in)famous for its high prices. My friend who is studying for a PhD in Switzerland came for a weekend break in Munich during last year’s Oktoberfest in September, and everywhere he went he would remark how cheap the prices were in Munich. My other friends and I joked that he must have become a millionaire since moving to Switzerland!
瑞士法郎還沒有今日如此瘋癲時，物價之貴已舉世聞名，在瑞士唸博士的朋友，去年九月趁啤酒節來慕尼黑過周未時，所到之處他總會說：「怎麼這裡的物價會這樣便宜？」我和其他朋友都取笑道，他一定是成了大富豪了！
This January when I went with another friend for a visit to Konstanz, I still remember vividly how the roads in that city were clogged with cars when the shops were closing. Most of those actually belonged to what I dub the ‘Swiss Army of shoppers’ who were all heading back across the border into Kreuzlingen, causing a long file of traffic stretching for great lengths from the border check point. Interestingly the newspaper article opened with the contrast between the almost dead Kreuzlingen and bustling Konstanz. I can imagine that the traffic congestion in Konstanz can only be worse these days.
今年一月跟另一個朋友往康斯坦茨時，猶記得商店關門時間城內塞車為患，擠滿了打道回府的「瑞士購物兵團」，通住邊境另一面的瑞士Kreuzlingen的車龍延綿不斷，印象深刻，這篇報章專題也有談及，我想瑞郎升值後此情況祇有變本加厲的份兒！
Many readers of the article attributed the high prices in Switzerland to its closed market with weak competition (see the comments below the article). The high salaries must surely be another factor. On the other hand, one can also say that it is the high salaries that allow the Swiss to afford the high expenses of the country. My student friend's stipend is already on par with what I earned in Germany working with a PhD degree already obtained! A report released by UBS two weeks ago pointed out that Swiss cities were among the most expensive in the world, but the purchasing power in those cities were also the highest in the world. The only Australian city surveyed, Sydney, also showed a similar pattern. Of course the survey did not take into account how the Swiss could stretch their purchasing power further by taking advantage of lower prices in neighbouring countries, which would leave Australians jealous. Online shopping has been the best thing since sliced bread for many Australians, who have found that direct purchasing from abroad is often cheaper than the domestic retails prices. But there’s only so much that online shopping can help; Australians simply cannot cross the border and stock up on shampoos and deodorants like the Swiss family mentioned in the newspaper article do!
瑞士物價貴，有說是市場封閉競爭少所致（詳見該篇專題下面的留言），工資高相信也是一個原因，但反過來說，正因為是高工資，所以瑞士人一直以來都較能負擔本土的高開銷，例如我的博士生朋友，月薪已及我這個已畢業的人以前在德國工作時的水平！兩星期前瑞銀發表報告指，瑞士城市物價名列世界前茅，但本土購買力亦同時是世界前茅，調查中唯一的澳洲城市悉尼，也是世界前列的昂貴，但本土購買力也及得上瑞士，當然調查忽略了，瑞士人跨境拾便宜貨是如何輕而易舉（正如港人以前如何喜歡到深圳），所以瑞士人的購買力實際上會比澳洲人好。澳洲無境可跨，網上購物興起是不少人的福音，直接從海外訂購的價錢往往比本地零售便宜，但總不可能像報章專題中的瑞士家庭一樣，連洗髮水和止汗香氛這些日用品也可誇境搜購！
It must be Swiss National Bank’s biggest headache to effect a devaluation of its currency, especially during these days when there are dark clouds hanging over much of the world and risk aversion is the catch phrase of the financial world. Switzerland seems attractive in this regard thanks to its solid economy and low debts, although the high exchange rate threatens to topple the Swiss economy over.
如何令瑞郎貶值，相信是瑞士央行的大煩惱，尤其是這個世界經濟不明朗的時刻，瑞士經濟穩健債務少便令其貨幣成了避險的寵兒（雖然瑞郎現時的高匯價卻正會引致經濟下滑之虞）。
Last month one of the lunchtime conversations at work in Munich turned to the rise of the Swiss franc and the prospects of the euro. I joked that the best way for the Swiss to devalue their currency is to join the Eurozone immediately. Then Switzerland would have to share the debt burden and the franc then fall in tandem with the euro, while the Eurozone would benefit from an extra source of liquidity. One of my colleagues then said, that was the reason why many countries were holding off joining the Eurozone, as they may have to make sacrifices to the debt problem before they receive any benefits!
上個月跟一班德國同事吃午飯時也談到瑞郎的升勢和歐元的前景，我便開玩笑說，要瑞郎貶值，祇要瑞士馬上加入歐元區便可，屆時瑞士便要分擔那些債務，匯價會馬上貶值，歐盟也因馬上多了一筆錢周轉而可鬆一口氣，另一個同事便說，所以那些本來有意加入歐元區的國家現在都卻了步，免得「未見官先打五十大板」，得不到甜頭之餘，還要科款還債！
The debt problem in Europe will not be easy to resolve, not in a small part due to the attitude of Germany. The possibility of Eurobonds was at one stage floated by the German government as a means of restructuring the debts of the member states, but was shelved after the meeting between the German Chancellor and French President. Instead the euro member states received a lecturing by the German Chancellor to balance their books. This is surely a big victory for Germany! Germany has been reluctant to help the debt-laden countries out of their crises for various reasons: for the fear of it becoming a bottomless pit and turning the European economic and monetary union into a European ‘Transfer Union’; and for the opposition of the public to bail out those less fiscally-disciplined countries. However, some outsiders take the view that Germany has benefited the most from the introduction of the euro. From the casual observation that the one-euro coin is minted almost the same size as one deutsche mark, to the macroeconomic level that the interest rate cycles and monetary policies of the euro are more geared for Germany than the heavily indebted countries, the euro seems to be tailor-made for Germany since day one. In the mean time, Germany has undertaken internal structural reforms and pursued stronger trade links with the growing economies particular in Asia. It is certainly reaping the rewards now as exports to those Asian countries have helped Germany stave off the financial crisis and advance its economy. It is thus considered fair by some people for Germany to play and pay its part in helping the countries in need.
歐債這趟混水恐不易解決，最大的難關要算是德國。本來德國政府也放風聲說發行歐元債券、協助其他國家重整債務有望，但到德法元首會面後卻擱置計劃，德國總理更開腔要求成員國更好管理財政，相信是德國的重大勝利！德國一直不願意不斷出資拯救債足深陷的國家，一則擔心是無底深潭，歐洲聯盟變成「匯款聯盟」，二則民情反對，但不少局外人謂，德國是整個歐元貨幣聯盟的大贏家，大至歐元的利率周期和政策適合德國多於債台高築的弱國，小至一歐元硬幣的大小跟一德國馬克差不多，歐元似為德國度身訂造，再加上德國數年前開始內部改革，並加強對外經貿，這兩年德國得以乘著亞洲經濟的勢頭，保持經濟增長，所以德國拯救歐債問題要出錢出力也合理。
The European debt crisis has cemented the roles of Germany and France as leaders of the European Union, and of those two Germany is conceivably in a stronger position judging from their relative economic prospects. When I visited a friend in Lisbon at the end of last month, she said that whenever the European Union was discussing the debt crisis, the Portuguese people would actually care less about what their president had to say but rather pay more attention to the words of the German Chancellor, as she had the ultimate power to dictate how the EU money should be spent. So now you know who the real head of the sovereign in Portugal is! Germany’s position in the world has been on the rise since its reunification in 1990, and the debt crisis has propelled it to the fore. Germany may consider itself as a reluctant hero in this situation, but after all it’s a major economy with relatively sound fundamentals, and everyone will most likely be seeking its leadership and actions. A few years ago I came across an article in Germany and I can still remember its central premise, that Germany is not satisfied with being commanded by Europe but is rather seeking to command Europe in return. This aim is certainly taking shape.
歐債危機越來越凸出德法兩個在歐盟的領導地位，而以德法兩國的形勢而言，德國似更佔上風，大有統領歐洲之勢！上月底到里斯本探朋友，她便說歐盟就歐債危機開會議時，葡萄牙人最關心的，不是自己的總統說甚麼，而是德國總理有何表態，因為後者才是向葡萄牙「開水喉」的關鍵，德國總理已儼然成了葡萄牙的太上皇！德國自90年統一後不斷崛起，歐債危機更是時勢造英雄（雖然可能是英文所指的reluctant hero，即不情願的英雄，因為德國始終既是大國亦夠穩健，無論本身多不願意，其他人總會以其馬首是瞻），幾年前在德國讀到一篇文章，最令我印象深刻的一句是，德國想把自己的角色，由歐洲的德國，變為德國的歐洲，這個目標，正可能逐漸成形。
昨天讀報談到瑞士法郎大幅升值如何影響瑞士經濟，我不久前到過瑞士兩次，也認識一些在瑞士的人，所以讀後甚有共鳴。
Before the Swiss franc has reached such crazy heights as today's, Switzerland is already rather (in)famous for its high prices. My friend who is studying for a PhD in Switzerland came for a weekend break in Munich during last year’s Oktoberfest in September, and everywhere he went he would remark how cheap the prices were in Munich. My other friends and I joked that he must have become a millionaire since moving to Switzerland!
瑞士法郎還沒有今日如此瘋癲時，物價之貴已舉世聞名，在瑞士唸博士的朋友，去年九月趁啤酒節來慕尼黑過周未時，所到之處他總會說：「怎麼這裡的物價會這樣便宜？」我和其他朋友都取笑道，他一定是成了大富豪了！
This January when I went with another friend for a visit to Konstanz, I still remember vividly how the roads in that city were clogged with cars when the shops were closing. Most of those actually belonged to what I dub the ‘Swiss Army of shoppers’ who were all heading back across the border into Kreuzlingen, causing a long file of traffic stretching for great lengths from the border check point. Interestingly the newspaper article opened with the contrast between the almost dead Kreuzlingen and bustling Konstanz. I can imagine that the traffic congestion in Konstanz can only be worse these days.
今年一月跟另一個朋友往康斯坦茨時，猶記得商店關門時間城內塞車為患，擠滿了打道回府的「瑞士購物兵團」，通住邊境另一面的瑞士Kreuzlingen的車龍延綿不斷，印象深刻，這篇報章專題也有談及，我想瑞郎升值後此情況祇有變本加厲的份兒！
Many readers of the article attributed the high prices in Switzerland to its closed market with weak competition (see the comments below the article). The high salaries must surely be another factor. On the other hand, one can also say that it is the high salaries that allow the Swiss to afford the high expenses of the country. My student friend's stipend is already on par with what I earned in Germany working with a PhD degree already obtained! A report released by UBS two weeks ago pointed out that Swiss cities were among the most expensive in the world, but the purchasing power in those cities were also the highest in the world. The only Australian city surveyed, Sydney, also showed a similar pattern. Of course the survey did not take into account how the Swiss could stretch their purchasing power further by taking advantage of lower prices in neighbouring countries, which would leave Australians jealous. Online shopping has been the best thing since sliced bread for many Australians, who have found that direct purchasing from abroad is often cheaper than the domestic retails prices. But there’s only so much that online shopping can help; Australians simply cannot cross the border and stock up on shampoos and deodorants like the Swiss family mentioned in the newspaper article do!
瑞士物價貴，有說是市場封閉競爭少所致（詳見該篇專題下面的留言），工資高相信也是一個原因，但反過來說，正因為是高工資，所以瑞士人一直以來都較能負擔本土的高開銷，例如我的博士生朋友，月薪已及我這個已畢業的人以前在德國工作時的水平！兩星期前瑞銀發表報告指，瑞士城市物價名列世界前茅，但本土購買力亦同時是世界前茅，調查中唯一的澳洲城市悉尼，也是世界前列的昂貴，但本土購買力也及得上瑞士，當然調查忽略了，瑞士人跨境拾便宜貨是如何輕而易舉（正如港人以前如何喜歡到深圳），所以瑞士人的購買力實際上會比澳洲人好。澳洲無境可跨，網上購物興起是不少人的福音，直接從海外訂購的價錢往往比本地零售便宜，但總不可能像報章專題中的瑞士家庭一樣，連洗髮水和止汗香氛這些日用品也可誇境搜購！
* * *
It must be Swiss National Bank’s biggest headache to effect a devaluation of its currency, especially during these days when there are dark clouds hanging over much of the world and risk aversion is the catch phrase of the financial world. Switzerland seems attractive in this regard thanks to its solid economy and low debts, although the high exchange rate threatens to topple the Swiss economy over.
如何令瑞郎貶值，相信是瑞士央行的大煩惱，尤其是這個世界經濟不明朗的時刻，瑞士經濟穩健債務少便令其貨幣成了避險的寵兒（雖然瑞郎現時的高匯價卻正會引致經濟下滑之虞）。
Last month one of the lunchtime conversations at work in Munich turned to the rise of the Swiss franc and the prospects of the euro. I joked that the best way for the Swiss to devalue their currency is to join the Eurozone immediately. Then Switzerland would have to share the debt burden and the franc then fall in tandem with the euro, while the Eurozone would benefit from an extra source of liquidity. One of my colleagues then said, that was the reason why many countries were holding off joining the Eurozone, as they may have to make sacrifices to the debt problem before they receive any benefits!
上個月跟一班德國同事吃午飯時也談到瑞郎的升勢和歐元的前景，我便開玩笑說，要瑞郎貶值，祇要瑞士馬上加入歐元區便可，屆時瑞士便要分擔那些債務，匯價會馬上貶值，歐盟也因馬上多了一筆錢周轉而可鬆一口氣，另一個同事便說，所以那些本來有意加入歐元區的國家現在都卻了步，免得「未見官先打五十大板」，得不到甜頭之餘，還要科款還債！
The debt problem in Europe will not be easy to resolve, not in a small part due to the attitude of Germany. The possibility of Eurobonds was at one stage floated by the German government as a means of restructuring the debts of the member states, but was shelved after the meeting between the German Chancellor and French President. Instead the euro member states received a lecturing by the German Chancellor to balance their books. This is surely a big victory for Germany! Germany has been reluctant to help the debt-laden countries out of their crises for various reasons: for the fear of it becoming a bottomless pit and turning the European economic and monetary union into a European ‘Transfer Union’; and for the opposition of the public to bail out those less fiscally-disciplined countries. However, some outsiders take the view that Germany has benefited the most from the introduction of the euro. From the casual observation that the one-euro coin is minted almost the same size as one deutsche mark, to the macroeconomic level that the interest rate cycles and monetary policies of the euro are more geared for Germany than the heavily indebted countries, the euro seems to be tailor-made for Germany since day one. In the mean time, Germany has undertaken internal structural reforms and pursued stronger trade links with the growing economies particular in Asia. It is certainly reaping the rewards now as exports to those Asian countries have helped Germany stave off the financial crisis and advance its economy. It is thus considered fair by some people for Germany to play and pay its part in helping the countries in need.
歐債這趟混水恐不易解決，最大的難關要算是德國。本來德國政府也放風聲說發行歐元債券、協助其他國家重整債務有望，但到德法元首會面後卻擱置計劃，德國總理更開腔要求成員國更好管理財政，相信是德國的重大勝利！德國一直不願意不斷出資拯救債足深陷的國家，一則擔心是無底深潭，歐洲聯盟變成「匯款聯盟」，二則民情反對，但不少局外人謂，德國是整個歐元貨幣聯盟的大贏家，大至歐元的利率周期和政策適合德國多於債台高築的弱國，小至一歐元硬幣的大小跟一德國馬克差不多，歐元似為德國度身訂造，再加上德國數年前開始內部改革，並加強對外經貿，這兩年德國得以乘著亞洲經濟的勢頭，保持經濟增長，所以德國拯救歐債問題要出錢出力也合理。
The European debt crisis has cemented the roles of Germany and France as leaders of the European Union, and of those two Germany is conceivably in a stronger position judging from their relative economic prospects. When I visited a friend in Lisbon at the end of last month, she said that whenever the European Union was discussing the debt crisis, the Portuguese people would actually care less about what their president had to say but rather pay more attention to the words of the German Chancellor, as she had the ultimate power to dictate how the EU money should be spent. So now you know who the real head of the sovereign in Portugal is! Germany’s position in the world has been on the rise since its reunification in 1990, and the debt crisis has propelled it to the fore. Germany may consider itself as a reluctant hero in this situation, but after all it’s a major economy with relatively sound fundamentals, and everyone will most likely be seeking its leadership and actions. A few years ago I came across an article in Germany and I can still remember its central premise, that Germany is not satisfied with being commanded by Europe but is rather seeking to command Europe in return. This aim is certainly taking shape.
歐債危機越來越凸出德法兩個在歐盟的領導地位，而以德法兩國的形勢而言，德國似更佔上風，大有統領歐洲之勢！上月底到里斯本探朋友，她便說歐盟就歐債危機開會議時，葡萄牙人最關心的，不是自己的總統說甚麼，而是德國總理有何表態，因為後者才是向葡萄牙「開水喉」的關鍵，德國總理已儼然成了葡萄牙的太上皇！德國自90年統一後不斷崛起，歐債危機更是時勢造英雄（雖然可能是英文所指的reluctant hero，即不情願的英雄，因為德國始終既是大國亦夠穩健，無論本身多不願意，其他人總會以其馬首是瞻），幾年前在德國讀到一篇文章，最令我印象深刻的一句是，德國想把自己的角色，由歐洲的德國，變為德國的歐洲，這個目標，正可能逐漸成形。
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