peg that involved a minimum exchange rate of 1.20 francs to the euro, with no upper bound in place. The Bank committed to maintaining this exchange rate to ensure stability. The peg was abandoned on 15 January 2015, when renewed upward pressure on the Swiss franc exceeded the Bank's level of tolerance. Diplomatic relations between Switzerland and EU member states See also Enlargement of the European Union Potential enlargement of the European Union Enlargement of Switzerland Liechtenstein–Switzerland relations Foreign relations of Switzerland German immigration to Switzerland Italian immigration to Switzerland Schengen Area Borders with EU members Austria–Switzerland border France–Switzerland border Germany–Switzerland border Italy–Switzerland border Notes References Contemplated enlargements of the European Union Third-country relations of the European Union