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2018-03-05 – Media – Sovereign money initiative

Summary:
Sovereign money initiative The Swiss popular initiative ‘For crisis-resistant money: end fractional-reserve banking’ (Vollgeld-Initiative) will be put to a vote in a national referendum on 10 June 2018. The initiative calls for the introduction of a sovereign money system in Switzerland. Both the Federal Council and the Swiss parliament oppose the initiative, as does the SNB. The following pages provide background information and explain the rationale for the SNB’s position. The SNB’s position in brief PDF The SNB’s arguments

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Sovereign money initiative

The Swiss popular initiative ‘For crisis-resistant money: end fractional-reserve banking’ (Vollgeld-Initiative) will be put to a vote in a national referendum on 10 June 2018. The initiative calls for the introduction of a sovereign money system in Switzerland. Both the Federal Council and the Swiss parliament oppose the initiative, as does the SNB. The following pages provide background information and explain the rationale for the SNB’s position.

The SNB’s position in brief
PDF
The SNB’s arguments
PDF
FAQs
PDF
Speech by Thomas Jordan: How money is created by the central bank and the banking system

Other links

Dispatch of the Federal Council on the popular initiative ‘For crisis-resistant money: end fractional-reserve banking’ (Vollgeld-Initiative) (9 November 2016) (in German) (www.admin.ch)
Dispatch of the Federal Council on the popular initiative ‘For crisis-resistant money: end fractional-reserve banking’ (Vollgeld-Initiative) (9 November 2016) (in French) (www.admin.ch)
Dispatch of the Federal Council on the popular initiative ‘For crisis-resistant money: end fractional-reserve banking’ (Vollgeld-Initiative) (9 November 2016) (in Italian) (www.admin.ch)
Swiss National Bank
The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.

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