Sovereign Money Initiative

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With the federal popular initiative “For crisis-proof money: Money created by the National Bank alone! (Sovereign Money Initiative) » the initiators wanted to ensure that only the Swiss National Bank (SNB) is responsible for creating money (« supplying society with money »).

In the vote on June 10, 2018, the initiative was rejected by 75.7% of the voters and all cantons . The participation was 33.8%.

initiative

The initiators point out that at present the book money in bank customers' accounts ( sight deposits like private accounts and current accounts, but also time deposits (fixed deposits) as well as investment and savings accounts ) is not a legal tender like cash , but only an entitlement to such. There is thus a counterparty risk for bank customers , since their assets are dependent on the solvency of the bank in question. Book money is widespread today because bookings from one account to another can be made cashless electronically (see also: sovereign money system , in the following also electronic money ). In Switzerland, around 90% of the total amount of money available is book money.

Initiative committee and formation

In October 2011, the initiators founded the MoMo - Monetary Modernization / Modernization Monétaire / Modernizzazione Monetaria association to launch their cause . On December 1, 2015, they submitted the initiative with 110,955 valid signatures.

Goals of the initiative

The initiators argue that the adoption of the initiative would lead to, from their point of view, fundamental improvements of the monetary / financial system in Switzerland:

  • Book money is likely to be issued only by the Swiss National Bank (SNB) and no longer by financial service providers / commercial banks as was previously the case. This would make new book money (electronic money) in Swiss francs just as legal tender as cash (banknotes and coins) was previously. However, this is not what is known as “100% money” as in the earlier “Chicago Plan” ( sovereign money> history ), because sovereign money does not require 100% coverage with national bank money. Sovereign money is a direct claim to national bank money like cash today.
  • The SNB would receive a more direct means of controlling the money supply and thus influencing economic growth or undesirable developments.
  • The SNB would be free to allocate newly issued money directly to the federal government, cantons or citizens. This could enable debt relief. It could be ensured that newly created money mainly goes to the real economy . As before, the SNB can grant additional loans to commercial banks.
  • The aim is to make the Swiss financial system more stable by avoiding bank runs in times of crisis. In the event of uncertainty among investors, there would no longer be any reason to convert sight deposits into cash, because both types of money would have the same security guaranteed by the SNB. Thus, with sight deposits / payment transaction accounts, the counterparty risk from possibly insolvent banks would be eliminated. In addition, payment transactions would be organized in such a way that payment transactions could be continued in the event of a financial service provider failure during a financial system crisis. This would help to defuse the too-big-to-fail problem.
  • Any seigniorage proceeds (money creation proceeds) would benefit the general public via the SNB and no longer primarily the big Swiss banks, as was previously the case.

Text of the initiative

The Federal Constitution 1 is amended as follows:

Art. 99 Money and Financial Market Regulations

1 The federal government ensures that the economy is supplied with money and financial services. It can deviate from the principle of economic freedom.
2 The federal government alone creates coins, banknotes and book money as legal tender.
3 The creation and use of other means of payment are permitted insofar as this is compatible with the statutory mandate of the Swiss National Bank.
4 The law regulates the financial market in the general interest of the country. It regulates in particular:
a. the fiduciary duties of financial service providers;
b. the supervision of the business conditions of financial service providers;
c. the authorization and supervision of financial products;
d. the requirements for own funds;
e. the limitation of proprietary trading.
5 The financial service providers keep customers' payment accounts outside of their balance sheet. These accounts are not part of the bankruptcy estate.

Art. 99a Swiss National Bank

1 As an independent central bank, the Swiss National Bank conducts a monetary policy that serves the interests of the country as a whole; it controls the amount of money and guarantees the functioning of payment transactions and the supply of credit to the economy by the financial service providers.
2 It can set minimum holding periods for financial investments.
3 As part of its statutory mandate, it brings newly created money into circulation free of debt, through the Confederation or the cantons, or by distributing it directly to the citizens. It can grant the banks fixed-term loans.
4 It creates sufficient currency reserves from its income; part of these reserves are held in gold.
5 At least two thirds of the Swiss National Bank's net profit goes to the cantons.
6 In the performance of its tasks, the Swiss National Bank is only obliged to comply with the law.

Art. 197 no. 12 2

12. Transitional provisions to Art. 99 (money and financial market regime) and 99a (Swiss National Bank)
1 The implementing provisions stipulate that all book money in payment transaction accounts becomes legal tender on the effective date. This establishes corresponding liabilities of the financial service providers to the Swiss National Bank. This ensures that the liabilities from the book money conversion are repaid within a reasonable transitional phase. Existing credit agreements remain unaffected.
2 In the transition phase in particular, the Swiss National Bank ensures that there is neither a shortage of money nor a glut of money. During this time, it can grant financial service providers easier access to loans.
3 If the relevant federal legislation does not come into force within two years after the adoption of Articles 99 and 99a, the Federal Council shall issue the necessary implementing provisions within one year by ordinance.

1 SR 101
2 The final number of this transitional provision will be determined by the Federal Chancellery after the referendum.

Comments from the initiators on the banking system in Switzerland

  • The initiators state that the big banks in particular have so far benefited considerably from the ability to create their own money from Seigniorage (proceeds from money production). You could, only limited by the minimum reserve requirements , create a lot of new book money yourself at no noteworthy cost. However, these revenues from money production have not been significant since 2014 because the banks have since been able to withdraw interest-free money from the National Bank.
  • Commercial banks would become intermediaries (credit brokers) after the adoption of this initiative . Most Swiss cantonal banks , the Raiffeisen banks as well as smaller commercial and private banks have so far been working mainly as financial intermediaries, payment processors and asset managers, without drawing money on the scale of the big banks UBS and Credit Suisse themselves .

Opinions

Federal Council advice

In November 2016, the Swiss Federal Council presented parliament with its message on the initiative, in which it asked the federal councilors to reject the sovereign money initiative.

The arguments of the Federal Council at a glance

  • Switzerland would become an experimental case for untested financial reforms.
  • This reform would make it more difficult for the SNB to pursue a monetary policy aimed at maintaining price stability .
  • The debt-free creation of money through transfers to the federal government, cantons or private households would take place without consideration and without the acquisition of assets by the SNB. Therefore, a future reduction in the money supply through the sale of such assets would be limited.
  • The SNB would be exposed to increased political pressure.
  • The financial sector is likely to be weakened because its profit potential would decrease.
  • Bank crises would still be possible. Savings accounts and time deposits would still be exposed to liquidity crises. There is also no complete protection against financial crises abroad.

Parliamentary deliberations

Council of States

The preparatory economic commission of the Council of States (WAK) held hearings for the initiators, the National Bank and economists ( Mathias Binswanger , Hans Geiger , Philippe Bacchetta and Thomas Jordan from the SNB) during 2017. At the beginning of September, she asked the Council of States to recommend the initiative for rejection by 11 votes to 0 with 2 abstentions. After deliberations and debate, the Council of States announced at the end of September that it would recommend that the people reject the proposal, without a dissenting vote.

The main points of the Council debate :

  • No country in the world has a sovereign money system. The consequences would be highly uncertain. Switzerland would play guinea pigs in a risky experiment at its own expense and would do exactly what the initiators criticize in the financial markets: high-risk speculation.
  • The sovereign money would not have prevented the last financial crisis. A bank counter panic in Switzerland was not the subject of that crisis. On balance, the system change could even increase the risks, as customer funds are likely to switch to less regulated (and interest-bearing) channels.
  • Problems can be expected with the supply of credit if it is driven centrally by the SNB rather than decentrally by the commercial banks.
  • If the SNB distributes money creation profits directly to the tax authorities and citizens, political influence on the central bank is to be feared.
  • The sovereign money initiative is an interesting thought experiment. But it belongs in a scientific seminar and not in the federal constitution.
  • Switzerland has already done a lot in recent years to increase the stability of the financial sector.

In the debate, Ruedi Noser ( FDP / ZH ), on behalf of the Economic Commission, warned that the initiative left huge leeway for the legislature. He also called the proposed implementation problematic: "Switzerland would be the only country that announces a currency reform two years in advance." SP representatives wanted to reject the proposal to the Federal Council with the mandate for an indirect counter-proposal , but were defeated with 29 to 11 votes. They want systemically important banks to have an equity ratio of ten percent. Anita Fetz ( SP / BS ) justified the request that the banks' three percent target had been met, but it was not enough for the next financial storm . A lot has been done in this direction, said her parliamentary colleague Paul Rechsteiner ( SP / SG ): "But increasing the pressure for sufficient equity capital is right."

National Council

The Commission for Economy and Taxes (WAK) of the National Council (NR) met on October 23, 2017. The deliberations and debates in the National Council also took place in 2017.

science

The concerns of the initiative were also discussed by the scientific community - such as at the universities of Basel ( Aleksander Berentsen ), Bern ( Dirk Niepelt ), Freiburg / Friborg ( Sergio Rossi ), Lausanne ( Philippe Bacchetta ), Zurich (Urs Birchler, Jean-Charles Rochet) and, in Germany, Siegen ( Helge Peukert ) and at the Institute for Asset Development ( Max Otte , formerly University of Worms ).

University of Basel, University of Bern

June 2016 - Economists from the Universities of Basel and Bern brought alternative proposals into the discussion (see: Alternative proposals ).

University of Lausanne

June 2017 - Philippe Bacchetta analyzed the proposals of the initiators in a report written for the SBV and financially supported by it. Summary of his conclusions:

  • Once the initiative has been implemented, the SNB cannot regulate the size of sight deposits and thus the amount of money effectively.
  • The debt-free issuance of money to the federal government, cantons or private households would damage the SNB's credibility and create additional instability in the financial system.
  • Earlier scientific work and proposals such as the Chicago Plan cannot be directly transferred to this initiative, as there are significant differences.
  • Depositors of sight deposits do not receive any interest and, on the contrary, have to expect additional costs. Bacchetta estimates that the introduction of the initiative demands would lead to a reduction in Swiss gross domestic product (GDP) by around 0.8 percent.
  • Financial crises could still have a major impact.

Barcchetta rejected the subsequent criticism of the initiators as superficial, since it was based only on key words in the presentation slides and was economically unfounded.

University of Zurich - Guide

In view of the referendum, the economists Urs Birchler (em.) And Jean-Charles Rochet (Institute for Banking and Finance, IBF, University of Zurich ) have written a guide (The full money initiative - a guide for everyone) .

They put the proposals of the initiators in a historical context - concepts "Chicago Plan" , "100% Money" from the crisis of the 1930s, which after the financial crisis of 2007/08 were called "Sovereign Money" , "Positive Money" and, in German, as “Sovereign money” was resumed in numerous countries and v. a. discussed in Iceland, the Netherlands and also in Switzerland (see also full money: history ) .

The authors do not make any recommendations, instead various explanations, considerations, calculations - on types of money, two-tier banking system, macro-stability, crises, monetary policy, credit supply and granting, role of the SNB, bank regulation, depositor protection, public finances, money creation - and compare the usual ones Practice and theory with suggestions from the initiators. They also list reforms and alternatives related to the initiative - central bank digital currency , cryptocurrencies and free banking .

When asked whether accepting the initiative would make the financial system more stable, they say that from a scientific point of view there is no clear conclusion .

However, they correct the promise of the initiators of a debt-free distribution of SNB assets of an estimated CHF 300 billion. They prove that a transfer of SNB assets to the Confederation and the cantons would in fact represent a shift of assets within the public sector. If you think of the public sector and the SNB as a unit, nothing happens during a transfer. The only difference lies in the power of disposal over the assets - it would pass from the SNB to the federal government and the cantons.

Like some of the supporters of the sovereign money, the authors state that “sovereign money” is currently, temporarily, “quasi practice”. At the end of 2016, the banks' sight deposits were fully covered by their liquid assets, which is due to the massive interventions by the SNB to weaken the CHF and which is reflected in the enormous amounts of commercial banks at the National Bank. The liquid funds of the commercial banks (namely account balances with the SNB) are currently around ten times the amount in “normal” times.

They propose two “key questions” to the readers: (1) “Who can better assess how much money Switzerland needs - the SNB thanks to its independence and expertise, or the commercial banks thanks to their contacts with households and businesses?” and (2) "Who better manages Swiss national wealth - the SNB thanks to its independence and expertise, or the Confederation and the cantons thanks to their direct democratic responsibility?"

Author Urs Birchler was a participant in a context program on Radio SRF 2 Kultur on the topic of this popular initiative. Together with Raffael Wüthrich from the Initiative Committee and National Councilor Kathrin Bertschy as co-president of the opponent organization, the advantages and disadvantages were discussed in detail for an hour.

University of St. Gallen and University of Bern

Two NZZ editors moderated a discussion between Peter Ulrich , professor emeritus and former head of the institute for business ethics he founded at the University of St. Gallen and currently a member of the scientific advisory board of the full money initiative, and Aymo Brunetti , professor of economics at the University of Bern. According to Ulrich, a sovereign money system could not guarantee the overall stability of a financial system. However, the initiative could ensure that customer funds in payment accounts would be protected in a crisis. Brunetti replies that there has been no bank run recently at systemically important banks. The last financial crisis would also have had other causes. Ulrich emphasizes that the main concern of the initiative is the security of citizens and companies as bank customers and not the rescue of endangered banks. The National Bank, on the other hand, defines itself as the bank of the banks. That is why Thomas Jordan, as President of the SNB, defends the business interests of the banks and stands out as an opponent of this initiative. Brunetti thinks that the initiative tackles a relatively minor problem, which does not require a complete overhaul of the system. According to Ulrich, the next financial crisis will show whether these are just small problems that are supposedly under control. The initiators wanted to prevent the volatility of the financial markets from affecting the stability of the real economy.

Commercial banks

Most commercial banks reject the initiative. The Swiss Bankers Association , the umbrella organization for banks and financial institutions, declared:

“The sovereign money initiative wants to radically reorganize Switzerland's monetary system: banks would have to cover all sight deposits in full with central bank money , the Swiss National Bank (SNB) would fully control the amount of sight deposits and it could bring money into circulation directly to citizens or through the federal government and cantons, free of debt . "

- Swiss Bankers Association (SBA), press release, June 27, 2017

Sergio Ermotti , CEO of UBS , claimed in an interview with Sergio Rossi from the University of Freiburg / Friborg that a commercial bank can only grant loans to the extent that deposits were previously made. In doing so, he negated the possibility of commercial banks to create money themselves.

Swiss National Bank

On January 16, 2018, Thomas Jordan, President of the SNB, gave a lecture on the creation of money and the full money idea at the Zürcher Volkswirtschaftliche Gesellschaft . He formulated five objections to the proposed sovereign money system:

  • According to Jordan, the sovereign money system would restrict the liquidity and maturity transformation of commercial banks too much and thus make bank credit scarcer and more expensive.
  • The previous, tried and tested division of tasks between the national bank and the private sector would be significantly changed. The SNB would have to take on additional responsibility for providing the economy with sufficient credit.
  • The new system would only provide partial protection against bank runs . Greater security could only be offered for sight deposit accounts for payment transactions. The risk of financial operations being shifted to shadow banking would increase.
  • Jordan is reluctant to distribute sovereign money directly to the federal government, cantons, banks and, if need be, individuals, free of debt . Such gifts would politicize monetary policy.
  • He expects upheavals and uncertainty if Switzerland were to implement the system change that has not yet been tried anywhere.

In particular, Jordan spoke about proposals for accounts for private individuals with electronic central bank money as legal tender. He claimed that it would not make the financial system as a whole any safer. Under certain circumstances, the system would be even more destabilized if it were possible for investors with electronic access to savings accounts with a short holding period to flee to sight deposits at the National Bank at short notice, i.e. not to stand in line at bank counters or ATMs to withdraw cash. However, the initiative text provides for this risk that the SNB can introduce minimum holding periods for financial investments at commercial banks (Art. 99a / 2). In addition, the SNB would have to take on new functions, for example in checking customers and their funds (avoidance of money laundering, etc.).

On May 4, 2018, Jordan gave an interview in the Echo der Zeit on Swiss radio. He gave several reasons why a sovereign money system was not a welcome gift for the SNB. He claimed that the SNB would no longer be able to intervene in the foreign exchange market.

Philippe Mastronardi, emeritus professor of law at the University of St. Gallen and member of the Scientific Advisory Board of the sovereign money initiative, replied that the proposed constitutional text does not specifically mention foreign exchange market interventions. However, in the envisaged comprehensive competence of the SNB to independently conduct monetary and currency policy, the means for this are in no way limited. Even today they are a matter of legislation, not of the constitution.

Replicas of the proponents

Press release from the Swiss Bankers Association

The initiators commented on the media release of the Swiss Bankers Association of June 27, 2017 and on the underlying study by Philippe Bacchetta commissioned by the Bankers Association . They identify five statements made by the Bankers Association as false statements and explain why:

  • Savers would not be worse off than they are today: there has been no interest on private accounts for a long time. In addition, savers in the full money system could still switch from interest-free payment accounts (instead of a private account) to an interest-bearing savings account.
  • The changeover would neither make loan brokering by commercial banks more expensive nor more complicated: the granting of loans by banks would be identical to today.
  • The sovereign money system would not hinder commercial banks in their international business: the international foreign exchange market is already settled with central bank money (sovereign money).

Lecture by Thomas Jordan

On January 16, 2018, Thomas Jordan, President of the SNB, held a stop at the Zurich Economic Society on the creation of money and the full money idea. Christoph Pfluger, journalist, attended the lecture and found that Jordan had not dealt with the topic comprehensively. Pfluger found that the current system primarily benefits those who are creditworthy from the commercial banks' point of view . Quote: This immense advantage naturally invites you to inflate lending, but this is not evenly distributed across the economy. The creditworthy get new money. This is evident from the rise in the price of assets, i.e. real estate and securities, which is several factors higher than the rise in consumer prices, according to which the National Bank is guided in its task of maintaining price stability. Commercial banks could also acquire assets such as real estate or securities ( proprietary trading ) for themselves with the money they created themselves. A controversy arose on this issue between the SNB and the Deutsche Bundesbank in 2015 because their interpretations were different.

Reinhold Harringer, spokesman for the initiative committee, criticized the lack of objectivity in Jordan's statement on the initiative. The initiative was interpreted incorrectly on two essential points. First: there is no provision for a return to money supply management , as was practiced by the SNB before the turn of the millennium. At that time an attempt was made to control the amount of money in circulation (M1) by controlling the central bank money supply (M0). In the sovereign money system, there would no longer be a dichotomy in the money cycle. The initiative does not make any regulations about the monetary policy concept to be chosen. With the planned debt-free creation of money via the federal government, cantons and / or citizens, however, the SNB could influence the money supply more directly than before. Second: Harringer denies that the SNB's possible loans to commercial banks under the sovereign money system would lead to a centralization of lending. As before, lending would remain a central task of commercial banks. Only if banks did not have enough funds of their own could they request loans from the SNB. This would not have any direct influence on individual bank lending transactions.

Voting complaint because of alleged misinformation

On April 21, 2018, the initiators announced that Michael Derrer, part-time district judge in Rheinfelden, lecturer at the Lucerne University of Applied Sciences and sympathizer of the Vollgeld initiative , had submitted a complaint to the Aargau government council because of alleged misinformation. His complaint is directed against the Federal Council, the finance directors of the cantons and the National Bank. He criticizes the fact that the Federal Council's written explanations on this vote give the impression that the SNB only has to create additional money free of debt and distribute it to the federal government, cantons and the population, and that no mention is made of the SNB, according to the proposed constitutional text ( Art. 99a, paragraph 3) could alternatively grant loans to commercial banks in order to bring additional money into circulation.

The Swiss Federal Supreme Court in Lausanne dismissed two of the complaints. The complainant had objected to two media releases before the vote. The Swiss National Bank's corresponding publication as a position paper of March 5, 2018 was not objected to by the Federal Supreme Court, although certain simplifications were made. A media release from the conference of cantonal finance directors was judged to be illegitimate. A technical director conference like the FDK should not, in principle, interfere in a voting campaign. However, because the vote was so clear, the result of the vote will not be canceled. With this, however, the complaint regarding formulations and omissions in the corresponding voting book has not yet been decided under the responsibility of the Federal Council.

Commentary Financial Times

Shortly before the vote, Martin Wolf , chief commentator for the Financial Times , commented on the initiative. He sharply criticized today's banking system. The financial sector is producing one chaos after another. The International Monetary Fund recorded a total of 147 national banking crises from 1970 to 2011. In contrast to statements that the current financial system is much more stable thanks to the measures that have already been taken, banking regulation, deposit insurance and banks' equity are such that they would not be able to save the system in the event of another major banking crisis. After its introduction, the sovereign money system would separate the security we expect from money from the risk culture practiced by the banks. In the end, it would be easier to ask banks to always bear the full consequences of their failure. Although he recognizes risks for the changeover, he recommends that Swiss voters accept this initiative.

Alternative suggestions

Berentsen, Setlik and Niepelt, Universities of Basel and Bern

June 2016 - Aleksander Berentsen (with Joachim Setlik) and Dirk Niepelt, economists at the Universities of Basel and Bern, proposed direct access to the SNB's reserves through payment accounts (with electronic money) for everyone as an individual measure without the further demands of the initiative. The advantages according to these scientists are:

  • The need for security is covered
  • best alternative to cash
  • Completion of the existing monetary order, no prohibitions as provided by the initiative
  • increased system stability
  • Simplifies monetary policy, makes it fairer and more transparent (true cost)
  • According to Niepelt, the National Bank is also less susceptible to blackmail
  • low administrative effort for the SNB.

The advantages and disadvantages of this alternative proposal are presented in the guide to the sovereign money initiative by other experts.

Proponents of an electronic franc also come from the financial industry. The chairmen of the board of directors of the Swiss stock exchange ( SIX Swiss Exchange ) and the major bank UBS have spoken out in favor of introducing electronic central bank money for everyone.

SNB President Thomas Jordan points out the risk that in the event of a crisis of confidence in the banking sector, many investors would switch from accounts at commercial banks to payment accounts secured by the SNB. This could lead to a new type of bank run , in which bank customers would no longer have to queue up at bank counters or ATMs, but could reschedule electronically. However, the initiative text provides for this risk that the SNB can introduce minimum holding periods for financial investments at commercial banks (Art. 99a / 2).

Staircase and Stuber

In a guest commentary in the NZZ, the authors point out the hype with crypto currencies. In contrast to Bitcoin and other such blockchain- based new currencies, they describe the digitization of the Swiss monetary system with an electronic franc ( E-franc ) as promising , which would be issued by the SNB as legal tender and would be equivalent to cash in terms of security. Private individuals could make payments from an E-Franken account without the need for debit or credit cards. These suggestions were also taken up by the press ( finance and economy ). At the end of October 2017, the Financial Times made the e-franc a topic and compared the situation in Switzerland with Sweden.

After the vote in parliament, Cédric Wermuth , National Councilor of the SP, submitted a postulate requesting a report on the possibilities, opportunities and risks of introducing a crypto franc. This takes up one of the initiative's concerns. The postulate has been transferred, so the government has to write a statement. In a parliamentary interpellation by CVP National Councilor Guillaume Barazzone , the same issue was also raised in connection with the Wermuth motion. It discussed the proposal for central bank electronic money. Electronic central bank money is the same as sovereign money in book money accounts (see initiative text Art. 99/2: The federal government alone creates coins, bank notes and book money as legal tender ).

Muller et al.

Jürg Müller , business editor of the Neue Zürcher Zeitung , together with an anonymous investment banker have proposed a radically new financial system under the pseudonym Jonathan McMillan . The aim of this concept is not only to prevent money from being created by commercial banks, as in the case of the sovereign money initiative, but also a systemic solvency rule . Companies, including banks, would always have to have more real assets than liabilities, even in a worst-case financial situation. In addition, the authors demand digital money, a penalty fee for maintaining liquidity and an unconditional income with the purpose of a regular supply of central bank money. At the conference Our Money, Our Banks, Our Country at the Gottlieb Duttweiler Institute on February 5, 2018, Müller compared the full money initiative with your proposal. He thinks that there would be too many circumvention options in a sovereign money system (e.g. shadow banking system, switching to other currencies).

Vote, results

Voting results by cantons

In the vote in the weeks leading up to June 10, 2018 , the voters ( people and cantons ) decided on this initiative. As expected in surveys before the vote, the initiative with a majority of the people and a majority of cantons (with 75.7% of the votes and in all cantons) was rejected. The participation in this proposal was 33.8%.

  • Yes (0 0 / 2 stands)
  • No (20 6 / 2 Scores)
    • Sovereign Money Initiative - preliminary official final results
    Canton Yes (%) No (%) Participation (%)
    Kanton AargauKanton Aargau Aargau 21.6 78.4 30.7
    Canton of Appenzell AusserrhodenCanton of Appenzell Ausserrhoden Appenzell Ausserrhoden 27.7 72.3 32.1
    Canton of Appenzell InnerrhodenCanton of Appenzell Innerrhoden Appenzell Innerrhoden 20.7 79.3 23.8
    Canton of Basel-CountryCanton of Basel-Country Basel-Country 23.9 76.1 32.1
    Canton of Basel-StadtCanton of Basel-Stadt Basel city 29.7 70.3 42.5
    Canton BernCanton Bern Bern 23.2 76.8 28.7
    Canton of FriborgCanton of Friborg Freiburg 25.0 75.0 28.7
    Canton of GenevaCanton of Geneva Geneva 40.3 59.7 36.9
    Canton of GlarusCanton of Glarus Glarus 22.0 78.0 30.7
    canton of Grisonscanton of Grisons Grisons 20.3 79.7 37.4
    Canton of JuraCanton of Jura law 27.5 72.5 25.9
    Canton lucerneCanton lucerne Lucerne 21.2 78.8 35.4
    Canton of NeuchâtelCanton of Neuchâtel Neuchâtel 26.0 74.0 30.2
    Canton of NidwaldenCanton of Nidwalden Nidwalden 18.2 81.8 35.4
    Canton of ObwaldenCanton of Obwalden Obwalden 17.9 82.1 33.2
    Canton of SchaffhausenCanton of Schaffhausen Schaffhausen 27.2 72.8 61.8
    Canton of SchwyzCanton of Schwyz Schwyz 19.0 81.0 36.8
    Canton of SolothurnCanton of Solothurn Solothurn 21.5 78.5 37.2
    Canton of St. GallenCanton of St. Gallen St. Gallen 24.0 76.0 32.4
    Canton of TicinoCanton of Ticino Ticino 25.0 75.0 33.0
    Canton of ThurgauCanton of Thurgau Thurgau 25.3 74.7 28.1
    Canton of UriCanton of Uri Uri 20.1 79.9 24.0
    Canton of VaudCanton of Vaud Vaud 21.3 78.7 34.1
    Canton of ValaisCanton of Valais Valais 24.0 76.0 60.1
    Canton of ZugCanton of Zug train 21.7 78.3 41.6
    Canton ZurichCanton Zurich Zurich 24.7 75.3 35.5
    Federal coat of arms ÜÜÜSwiss Confederation 24.3 75.7 33.8

    Web links

    Individual evidence

    1. ↑ a b c Federal People's Initiative 'For crisis-proof money: Money creation by the National Bank alone! (Full money initiative) '> The full text of the initiative on the web of the Swiss Federal Chancellery ( admin.ch )
    2. ↑ a b 3-minute info - Pro-arguments of the initiators, Short information on the full money initiative on Web of the initiators (vollgeld-initiative.ch)
    3. ↑ a b People's initiative “For crisis-proof money: Money creation through the National Bank alone! (Sovereign Money Initiative) (> Results), on the website of the Swiss Federal Chancellery ( admin.ch )
    4. ↑ Michael McLeay, Amar Radia, Ryland Thomas: Money creation in the modern economy , Bank of England Quarterly Bulletin, London 2014 Q1, pp. 14-27. Deutsche Bundesbank (Hg), Geld und Geldpolitik, Frankfurt: As of spring 2015, pp. 57–83.
    5. ↑ a b c Urs Birchler, Jean-Charles Rochet: The full money initiative - a guide for everyone (PDF), The Forum for Swiss Economic Policy, draft, November 1, 2017 (batz.ch), accessed on January 14, 2018
    6. ↑ MoMo - Monetary Modernization Association (CH) , Monneta website (monneta.org, accessed on September 9, 2017)
    7. ↑ Federal People's Initiative. For crisis-proof money: money creation by the National Bank alone! (Sovereign Money Initiative) - Signatures , Swiss Federal Chancellery ( admin.ch )
    8. ↑ a b Federal People's Initiative. For crisis-proof money: money creation by the National Bank alone! (Vollgeld-Initiative) - Overview  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. , Swiss Federal Chancellery ( admin.ch )@1@ 2Template: Dead Link / www.admin.ch  
    9. ^ SR = Systematic Legal Collection , SR 101 = Federal Constitution of the Swiss Confederation
    10. ^ Mathias Binswanger: Money out of nowhere. How banks enable growth and cause crises. Wiley, Weinheim, 2015. ISBN 978-3-527-50817-4
    11. ↑ a b c Sovereign money: Yes to Switzerland as a banking center. Monetary Modernization Association, September 2017, pp. 8–11, 18–19 (from vollgeld-initiative.ch, accessed on September 11, 2017)
    12. ^ Association Monetary Modernization (ed.): The full money reform - how national debts can be reduced and financial crises prevented , Edition Zeit, 3rd edition 2013, pp. 27–53, ISBN 978-3-9523955-0-9
    13. ↑ a b Swiss Federal Council: Message on the popular initiative 'For crisis-proof money: Money creation through the National Bank alone! (Full money initiative) November 9, 2016 (PDF on admin.ch )
    14. ↑ No support for the sovereign money initiative - on the basis of hearings, the commission has come to the conclusion that the initiative (16,074) would initiate an excessively risky system change and requests with 11 to 0 votes with 2 abstentions to recommend the initiative for rejection , press release , The Swiss Parliament , September 1, 2017 (on parlament.ch)
    15. ↑ a b Official bulletin of the negotiations on the sovereign money initiative. Votes in detail. Parliamentary Services, September 28, 2017, accessed October 8, 2017
    16. ↑ a b c Council of States warns of experiments with the sovereign money initiative - (sda) The Council of States rejects the sovereign money initiative. The majority of the small chamber also did not want to hear about a counter-proposal with which the minority wanted to increase the equity ratio for systemically important banks. Media release, The Swiss Parliament / sda , September 28, 2017 (on parlament.ch)
    17. ^ A b Hansueli Schöchli: The Council of States does not want a 300 billion gift - the full money initiative belongs in a scientific seminar, but not in the federal constitution. Not a single Council of States recommends a yes to the submission , NZZ , 28 September 2017
    18. ^ Council of States against the sovereign money initiative. SRF broadcast of September 28, 2017, with 27 comments. Retrieved October 7, 2017
    19. ↑ a b The great flood of money. SWR broadcast excerpt (9 min.) From July 5, 2017 (on vimeo.com, accessed on September 20, 2017)
    20. ^ Initiative Vollgeld - Sovereign Money - Monnaie pleine - Vollgeld: A Swiss initiative , Philippe Bacchetas website at the University of Lausanne (people.unil.ch)
    21. ^ A b Philippe Bacchetta: The Sovereign Money Initiative in Switzerland: An Assessment. ( Sovereign Money Initiative in Switzerland: An Assessment / Assessment. ) (32 pages, PDF on unil.ch, quote translation wiki-vr.mp ), Swiss Finance Institute, CEPR, June 27, 2017
    22. ^ Philippe Bacchetta: Response to defamation. Press release. (PDF) on the web of the University of Lausanne (people.unil.ch)
    23. ↑ Hansueli Schöchli: Sovereign Money for Beginners - The sovereign money initiative is difficult to understand. Two Zurich finance professors now offer a useful reading aid , NZZ , October 10, 2017
    24. ^ Context debate: The sovereign money initiative. Swiss Radio SRF 2, April 27, 2018, accessed on April 28, 2018.
    25. ↑ Thomas Fuster and Peter A. Fischer: Would our financial system be safer with sovereign money? A dispute. NZZ, May 26, 2018, accessed on May 27, 2018
    26. ↑ Sovereign Money Initiative : Study shows consequences for Switzerland , press release, Swiss Bankers Association (SBA), June 27, 2017 (swissbanking.org)
    27. ↑ I conti in tasca - Un patto di paese per il Ticino ( Memento of the original from September 12, 2017 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Sergio Ermotti (CEO UBS ) in conversation with Sergio Rossi ( University of Friborg ), TeleTicino , February 15, 2017 (excerpt from terraherz.wordpress.com, taken from Uncut-News Schweiz (uncut-news.ch) on YouTube, accessed on September 12, 2017) @1@ 2Template: Webachiv / IABot / terraherz.wordpress.com
    28. ↑ a b Peter A. Fischer: Why the SNB does not believe in sovereign money and national bank accounts for private individuals. In. NZZ, January 17, 2018, accessed on January 23, 2018
    29. ↑ If accepted, the SNB would sell the silverware. SRF News, May 4, 2018, accessed on May 19, 2018
    30. ^ Philippe Mastronardi: Sovereign money under criticism. In: NZZ Tribüne, May 18, 2018, p. 9
    31. ↑ Christoph Pfluger: What Thomas Jordan didn't say about the SNB. On: Infosperber , January 19, 2018, accessed on January 23, 2018
    32. ↑ Reinhold Harringer: Vollgeldinitiative - more objectivity. Neue Zürcher Zeitung, tribune , February 8, 2018, p. 9
    33. ↑ a b Vollgeld vote: complaint submitted , Raffael Wüthrich, Michael Derrer, on the initiators' web, vollgeld-initiative.ch
    34. ↑ Sympathizer of the sovereign money initiative files a complaint , sda / NZZ April 21, 2018
    35. ↑ Federal Council provides misleading information on the initiators' website, vollgeld-initiative.ch
    36. ↑ Kathrin Alder: Federal court rejects complaints against voting on the sovereign money initiative. NZZ from December 22, 2018, accessed on December 26, 2018
    37. ↑ The Voting Booklet becomes the Auslassungsbüechli. Full money initiative website, accessed December 26, 2018
    38. ^ Martin Wolf: Why the Swiss should vote for "Vollgeld". Financial Times , June 6, 2018
    39. ↑ Ralph Pöhner: Financial Times applauds the full money initiative. Balance, June 6, 2018
    40. ↑ Aleksander Berentsen, Joachim Setlik (University of Basel): The alternative. , June 2016 (on full money-initiative. Com )
    41. ↑ Dirk Niepelt , Ron Rimkus ( CFA ): Contemplating the End of Fractional Reserve Banking in Switzerland ( Memento of the original from September 6, 2017 in the Internet Archive ) Info: The @1@ 2Template: Webachiv / IABot / livestream.com archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Video recording (01:09:22, on livestream.com/livecfa) of the presentation of the event (of the same name) , CFA Society Switzerland, June 21, 2016 (on swiss.cfa )
    42. ↑ Dirk Niepelt: For electronic central bank money. In: NZZ Tribüne , March 15, 2018, p. 11
    43. ↑ Markus Diem Meier: The dream of the electronic franc, which is a nightmare for Jordan. In: Tages Anzeiger , February 27, 2018, accessed on February 27, 2018
    44. ↑ SNB President Jordan reiterates his negative stance on the sovereign money initiative. Cash online, January 16, 2018, accessed January 18, 2018
    45. ↑ a b c Gian Trepp and Martin Stuber: From Hype to E-Francs. NZZ online, guest commentary, December 5, 2017, accessed on January 14, 2018
    46. ↑ Alexander Trentin: The electronic franc is looming - and the financial crisis is to blame. In: Finanz und Wirtschaft , December 27, 2017, accessed on January 14, 2018
    47. ↑ Will the cautious Swiss embrace an e-franc? In: Financial Times , October 31, 2017, accessed January 14, 2018
    48. ↑ Report on the possibilities, opportunities and risks of introducing a crypto franc. Parliamentary Services (CH), accessed on July 3, 2018
    49. ↑ Interpellation of crypto francs for Switzerland? Parliamentary Services (CH), accessed on December 29, 2018
    50. ↑ Tobias Straumann : For a financial system without banks, plea for a comprehensive restructuring of the monetary and credit system. In: NZZ , February 14, 2018, accessed on February 15, 2018.
    51. ↑ Jonathan McMillan: The End of the Banks. Campus-Verlag, Frankfurt am Main 2018, 271 pp.
    52. ^ Full money event on February 5, 2018: Agenda. GDI Rüschlikon Zurich, accessed on February 16, 2018
    53. ↑ The sovereign money initiative has no chance . SRG, May 30, 2018.
    54. ↑ Referendum of June 10, 2018 - Submission No. 618 - Preliminary official final results. Swiss Federal Chancellery, accessed on June 16, 2018 .