Here's what happened in Switzerland that shocked the world:
The central bank canceled its policy of pegging the Swiss franc at 1.20 to the euro, a policy that's been in place more than three years to keep the currency from getting too strong and hurting the economy.
The Swiss National Bank also cut interest rates deeper into negative territory to help cushion the blow and make the Swiss franc seem more unappealing since low rates are bearish for currencies.
But those low rates didn't deter traders from piling into the franc.
After the announcement, it surged almost 30 percent, flying to a record high.
The reason for the Swiss decision: It was getting very expensive for the Swiss National bank to defend that 1.20 level.
"The attempt to hold the EUR/CHF 1.20 floor has resulted in a ballooning foreign reserves stockpile at the SNB," Societe Generale FX strategist Kit Juckes said in a note, referring to the Swiss National Bank.
"The reserves have climbed from CHF200bn in mid-2011 to almost CHF 500bn. These are now equivalent to 70% of Swiss GDP and have not been without controversy in Switzerland, as reflected in the referendum on the SNB's gold holdings on 30 November 2014."
The implication of Thursday's move: The Swiss authorities are worried about pressure on the euro against the franc ahead of the European Central Bank's policy meeting next Thursday, in which it is widely expect to announce a monetary stimulus.