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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
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The SNB's 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

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)