Swiss sovereign money initiative

On june 10th, 2018 the Swiss have the opportunity to vote on a monetary reform proposal. The initiative proposes to introduce sovereign money. Sovereign money means that only the Swiss National Bank would be allowed to issue the Swiss currency.

I will let a spokesperson for the initiative do the explaining (video in German):

This initiative would put a stop to the unbridled money creation by banks.

You can find all the details of the proposal on the Sovereign money initiative website.

The proposal does remind me of the Swiss gold initiative in 2014. That initiative proposed that the Swiss National Bank would substantially increase its gold reserves. As reported by www.swissinfo.ch the initiative got widely rejected.

Just like the Swiss gold initiative, this sovereign money initiative will probably face fierce opposition from the banking sector. Only time will tell if the Swiss people can push reform through this time.