The Swiss franc has soared some 30% in chaotic trade as the central bank abandoned the country's cap on the currency's value against the euro.
The Swiss National Bank said the cap, introduced in Sept. 2011, is no longer justified.
At the same time it reduced a key interest rate from -0.25% to -0.75%, increasing the amount investors have to pay to hold Swiss deposits.
Following the SNB move the Swiss franc went from 1.20 to the euro to 0.8052.
Swiss shares fell some 6% and stock markets around Europe fell with investors buying "safe haven" assets such as gold and German bonds.
One trader described trading after the unexpected announcement as "carnage".
The Swiss franc settled in mid morning trade close to 1.05.
While the Swiss franc has been held at at 1.20 to the euro it has tracked the euro's fall against the dollar.
ECB actionMany believe the euro will fall even further if the European Central Bank (ECB) starts quantitative easing, buying bonds to push cash into the eurozone banking system to stimulate a recovery.
Chris Beauchamp, market analyst at IG said: "My initial reaction was that it is a sign the ECB is about to do something, which makes it odd that the reaction has been so negative across European stocks.
"However, it's not every day that a central bank pulls the rug out from underneath something in such a massive way, and clearly people are worried that there's something bigger afoot."
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