Switzerland: Swiss Voters Reject Popular Initiative on Sovereign Money

(June 12, 2018) On June 10, 2018, Swiss voters rejected by a vote of 75.7% to 24.3% the “Sovereign Money Initiative.” Voter turnout was 33.8%. (Vorlage Nr. 618. Vorläufige amtliche Endergebnisse. Volksinitiative vom 01.12.2015 “Für krisensicheres Geld: Geldschöpfung allein durch die Nationalbank! (Vollgeld-Initiative)” [Proposal No. 618, Preliminary Official Results: Popular Initiative of Dec. 1, 2015 “For Crisis-Proof Money: The Swiss National Bank as the Sole Institution to Create Money! (Sovereign Money Initiative)”], SWISS FEDERAL CHANCELLERY (June 10, 2018).) The initiative would have prohibited commercial banks from creating electronic money through lines of credit without using reserves to back the loan and would have made the Swiss National Bank (SNB) the only institution allowed to bring money into circulation. Commercial banks would have been required to hold 100% reserves against their deposits. (Eidgenössische Volksinitiative, “Für krisensicheres Geld: Geldschöpfung allein durch die Nationalbank! (Vollgeld-Initiative)” [Swiss Federal Popular Initiative “For Crisis-Proof Money: The Swiss National Bank as the Sole Institution to Create Money! (Sovereign Money Initiative)” (Dec. 22, 2015), BUNDESBLATT [BBl.] [FEDERAL GAZETTE] I 9651 (2015).)

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