Well, it seems true that a country can usually defend the upper bound of an exchange rate by just issuing new currency to buy foreign currency, for instance. Is that not what the Swiss Central Bank has been doing? It seems like there ought to be some negative consequences and chief amongst them would be the possibility of domestic inflation. If I have got that right that would be a serious problem for many Germans - allegedly their biggest nightmare. It would indeed be ironic.

"It is not necessary to have hope in order to persevere."