d) Suppose that the SNB had not changed its policy on the cap of SF: 1.20 to the euro but continued to pursue that goal as the ECB introduced quantitative easing. Would the long-run or short-run economic impacts on Switzerland have been more detrimental? Illustrate with a well-labeled graph the long-run effect of the ECB's decision to introduce quantitative easing. What would have been the effect on the SNB's balance sheet and the Swiss money supply? (4 marks) d) Suppose that the SNB had not changed its policy on the cap of SF: 1.20 to the euro but continued to pursue that goal as the ECB introduced quantitative easing. Would the long-run or short-run economic impacts on Switzerland have been more detrimental? Illustrate with a well-labeled graph the long-run effect of the ECB's decision to introduce quantitative easing. What would have been the effect on the SNB's balance sheet and the Swiss money supply? (4 marks)