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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 national vote 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

    PDF
  • The SNB's arguments

    PDF
  • FAQs

    PDF
  • Speech by Thomas Jordan: How money is created by the central bank and the banking system

    Go to page
  • Speech by Thomas Jordan: Why sovereign money would hurt Switzerland

    Go to page
  • Statement on the outcome of the popular vote

    PDF

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

    Open link
  • 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

    Open link
  • 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

    Open link
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