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Sovereign money initiative

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

The SNB's position in brief
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The SNB'sĀ arguments
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FAQs
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Speech by Thomas Jordan: How money is created by the central bank and the banking system
Speech by Thomas Jordan: Why sovereign money would hurt Switzerland
Statement on the outcome of the popular vote
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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)