The IMF Didn't Know What The Swiss National Bank Had Planned

Christine Lagarde, the head of the IMF, was everywhere today.

She spoke at a Council on Foreign Relations event this morning about where she sees the global economy going in 2015.

Lagarde also went on CNBC and spoke with Steve Liesman about the Swiss National Bank’s decision to lift the floor on the Swiss franc.

Lagarde said she had no idea that it was going to happen, and subtly suggested that she wasn’t too happy that the IMF was left out of the loop.

“I find it a bit surprising that he did not contact me, but, you know, we’ll check on that. By the way, the IMF used to be the referee of any currency variation. That has changed over time,” she said.

After the SNB’s announcement this morning that it would stop the franc from appreciating too much against the euro, the latter currency crashed. At one point, it was down by 30% from the previous day’s close against the Swiss franc. Mike Bird reported earlier today that “the franc’s value dropped by about 14% against the dollar last year, and the SNB was getting worried about ‘divergences between the monetary policies of the major currency areas.'”

Find the full transcript at CNBC.

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