Swiss econ minister says purchasing power parity is well above EURCHF 1.20

Reuters picking up comments from Switzerland

• Recognises that SNB is working towards purchasing power parity
• SNB has the trust of the government
• National bank is independent
• Full brakes are on in the economy but there's no economic crisis or recession
• Says it's clear that Switzerland remains an attractive place to do business
• Says strong franc endangers price stability
• Sees certain risk of deflation

Next stop 1.20 then for EURCHF ;-)