The Swiss National Bank (SNB) Chairman Thomas Jordan said in Frankfurt on Tuesday that the options of the monetary policy were not unlimited.

"Despite the expanded set of instruments available, the extent of the monetary policy can achieve is not unlimited," he said.

"The effects of monetary policy measures can wane with duration and dosage, especially when the solution to structural problems lies in adjustments to economic policy," Jordan noted, adding that "central banks must continually weigh the short-term benefits against long-term costs".

He pointed out that the Swiss franc was still overvalued.