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.