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Since the beginning of the current crisis that started in 2007, the Swiss franc has strongly appreciated against major international currencies, especially the euro. It is difficult to evaluate the consequences of this phenomenon for the Swiss economy. While some sectors do not suffer from such appreciation, others face problems, which have forced the Swiss National Bank to set up an official unilateral peg to the euro in September 2011. The aim of this paper is to examine the sovereignty of a small multicultural country such as Switzerland, which over the course of its history has faced many constraints that have prevented its monetary policy from being free. Thanks to recent as well as historical data, we investigate the concept of monetary sovereignty as well as the theory of money’s legitimacy and confidence.