13. Consider the following diagram. Swiss Francs euro 17, Billions of Swiss francs 700 Foreign reserve 600 1.5 500 So exchange 14 400 13 300 12 200 Exchange rate front 1.1 100 2003 2007 2008 2000 2010 2011 2012 2013 2014 2015 (1) Observe the period of 2008. What can you guess about the policy of the Swiss National Bank (SNB) during the period? How can you describe the impact of the policy from 2008 to late 2009? (6 points) (2) Now, look at the period from September 2011 to January 2015. What did the SNB do during the period? What do you think about the effect of the action by the SNB? (4 points) 13. Consider the following diagram. Swiss Francs euro 17, Billions of Swiss francs 700 Foreign reserve 600 1.5 500 So exchange 14 400 13 300 12 200 Exchange rate front 1.1 100 2003 2007 2008 2000 2010 2011 2012 2013 2014 2015 (1) Observe the period of 2008. What can you guess about the policy of the Swiss National Bank (SNB) during the period? How can you describe the impact of the policy from 2008 to late 2009? (6 points) (2) Now, look at the period from September 2011 to January 2015. What did the SNB do during the period? What do you think about the effect of the action by the SNB? (4 points)