Consider the following diagram. Swiss francs/euro 1.71 1.6 1.5 1.4 13 12 1.1 1.0 2006 strandeur exchange rate 2007 2009 2010 2011 Foreign reserves Exchange rate foor Balions of Swiss francs -700 2012 2013 600 500 400 300 200 100 2008 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)