INTERLAKEN, Switzerland (Dow Jones)--Swiss Economy Minister Johann Schneider-Ammann Thursday urged the country’s business elite to “learn to live” with the strong franc, in an apparent sign that the Swiss government is unlikely to step up measures to assist the country’s companies in their struggle with the strong currency.

Speaking at the Swiss Economic Forum here, a business event with more than 1,000 managers from Switzerland and elsewhere, Schneider-Ammann said the country had weathered the economic crisis well but that he was aware the strong franc was creating difficulties for many Swiss firms.
“The strong franc is creating many concerns,” Schneider-Ammann said. “But we have to learn to live with it, want to live with it.” He said Switzerland needs to increase its competitiveness and secure the means to continue to attract top industry talents as well provide itself access to open markets to be able to grow.
The Swiss franc has risen sharply against the euro and the dollar over the past few quarters, prompting calls from Swiss exporters to introduce government measures to help the industry.
The government had reacted this year with support for hard-hit sectors, such as Switzerland’s tourism industry, which had felt the effect of a strong franc most.
The Swiss National Bank also intervened in the currency market in the past, mainly to reduce the risk of deflation during the global economic crisis. While some exporters had supported this move, the SNB action triggered widespread political criticism as it left the bank with huge losses.
The criticism also included calls to introduce stricter government control of the central bank. But Schneider-Ammann said the SNB’s monetary policy was “untouchable” and that the bank has to remain independent.
Many businesses have learned to operate with the strong franc. “It’s useless to complain about the strong Swiss franc,” said Thomas Borer, a business consultant and former Swiss ambassador to Germany with strong business ties. “In fact, the strong Swiss franc means that Switzerland is in a very healthy shape. And once this is the case, the money is flowing into this safe haven,” he said.
“Most companies are trying to limit the impact of the strong franc through natural hedges, by incurring costs in the place where sales are generated,” said Hans Juerg Steiner, a tax expert at KPMG in Bern, who is advising small and midsized firms. He said that many smaller companies, which generate the bulk of Switzerland’s economic output, are reluctant to use financial hedging instruments because of the high costs and that natural hedges were useful.
Switzerland’s export growth has been healthy despite the strong currency. But recently economists and politicians have warned that profit margins are set decrease and that this may ultimately hamper investment activity going forward.