Europe's crisis has exposed the eurozone's structural flaws, German citizens want the Deutschemark back, and foreign investors would like a hard currency alternative to the dollar. However, a break-up of the euro seems unlikely for now; instead, investors once attracted by the safety of the Deutschemark are likely to hold more Swiss francs as a substitute.

First, Switzerland's currency already acts as a proxy for the German economy. Germany is the leading destination for Swiss exports, accounting for almost twenty per cent just last year. As a result, Switzerland's economy is tied to Germany's, with Swiss GDP growth and Germany's IFO index of business confidence exhibiting a close relationship.

In the next decade Germany's super-competitive economy will benefit even more from the weakness of the euro. In turn, Swiss exports and the franc will also benefit from increased German production.