1. Anne Pittet, Alexandre Clavel, Julia & Daniel Lopes

2. Table of contents  Switzerland incoming tourism Number of arrivals Receipts Evolution of arrivals by region  Evolution of the exchange rate Evolution of overnights  SNB’s initiative  Possible Forecast  Conclusion  Sources

3. Number of arrivals

4. Receipts (in US $)

5. Evolution of arrivals by region

6. Evolution of the exchange rate

7. Evolution of overnights

8. €1 at CHF 1.20?

9. Possible forecast  Rate of unemployment  Strengthening of the Swiss Franc  Euroization of Switzerland

10. Conclusion  Increase in Swiss incoming tourism  European Union in crisis  Credibility of BNS  Strong link between between tourism and exchange rates

11. Sources  http://www.indexmundi.com/facts/switzerland/international- tourism http://www.indexmundi.com/facts/switzerland/international- tourism  http://www.seco.admin.ch/themen/00476/00508/index.html?lang =fr http://www.seco.admin.ch/themen/00476/00508/index.html?lang =fr  http://www.contrepoints.org/2013/01/16/111512-euro-franc- suisse-quand-la-bulle-eclatera http://www.contrepoints.org/2013/01/16/111512-euro-franc- suisse-quand-la-bulle-eclatera  http://www.bilan.ch/argent-finances-exclusif/pourquoi-la-bns-va- gagner-son-pari-sur-leuro http://www.bilan.ch/argent-finances-exclusif/pourquoi-la-bns-va- gagner-son-pari-sur-leuro  http://tradervox.com/fundamental-analysis/060912/Euro- Strengthens-Against-Swiss-Franc http://tradervox.com/fundamental-analysis/060912/Euro- Strengthens-Against-Swiss-Franc  http://www.oecd.org/fr/suisse/etudeeconomiquedelasuisse2011. htm http://www.oecd.org/fr/suisse/etudeeconomiquedelasuisse2011. htm  Jean-Philippe Clavel, P.h.D in Law and Economics, teacher  http://www.oanda.com/lang/fr/currency/historical-rates/ http://www.oanda.com/lang/fr/currency/historical-rates/  OFS, La statistique suisse du tourisme 2012, 2013, Neuchâtel