Campaign for Monetary Reform – News from Switzerland

On 10th June 2018 Switzerland will be the first country in the world to have a national referendum on the introduction of Sovereign Money. A referendum result that is as positive as possible in Switzerland will help monetary reformers worldwide to make significant progress. However, our opponents are powerful and will try to scare the Swiss electorate. It is essential for us and the international movements that we prevent a false picture of the Sovereign Money Initiative from becoming established in the public debate.  The surveys conducted have shown that well-informed Swiss voters are clearly in favour of sovereign money. Unfortunately, however, we lack the funding we need to reach all Swiss households. In order to get the most out of this unique opportunity not just for Switzerland but for all other sovereign money movements throughout the world, we urgently need your help. Please donate as much as possible in the coming days so that we can expand the campaign whilst we have time.

Please help to finance a successful campaign and make history together on 10th June 2018.

Click PayPal button or for bank transfers to our Postfinance account: Vollgeld-Initiative, Postfinance 60-354546-4, BIC POFICHBEXXX , IBAN CH61 0900 0000 6035 4546 4, BIC POFICHBEXXX

Summary - 3
Foreword by Hansruedi Weber - 4
The Swiss Sovereign Money Initiative in one diagram - 5
Swiss Direct Democracy - 6
The Sovereign Money Initiative text - 7
Technical details of the Swiss Sovereign Money Initiative - 8
Bibliography - 11
Appendix: The initiative text with explanatory notes - 12

The FAQ document published by the SNB on the Sovereign Money Initiative has some information which is based on misunderstandings about Sovereign Money, and other information which is merely the opinion of the SNB but is stated as fact.

Full text of the SNB FAQ with our clarifications.

Press Release


Further reports about Sovereign Money and related ideas can be found on our website here. These are mostly international and do not refer to the Swiss Sovereign Money Initiative in particular. (Do not be put off by some of the summary texts being in German, the links are to texts in English).

Interview with Martin Wolf about Sovereign Money

Martin Wolf is chief economics commentator at the Financial Times

Meeting at the Dolder Grand, Zürich, October 3rd 2016

from Martin Wolf, Financial Times

from Vollgeld-Initiative

Switzerland is politically unique in this regard as the Swiss Constitution provides a political instrument known as the Volksinitiative (Peoples’ Initiative) which enables Swiss citizens to launch an initiative aimed at changing specific provisions within the Swiss Constitution. To do so requires first of all the collection within an 18 month period of 100’000 valid signatures in support of the initiative. Should this hurdle be surmounted, the initiative would then be put to a national vote.

In a nut shell, the proposal extends the Swiss Federation’s existing exclusive right to create coins and notes, to also include deposits. With the full power of new money creation exclusively in the hands of the Swiss National Bank, the commercial banks would no longer have the power to create money through lending. The Swiss National Bank’s primary role becomes the management of the money supply relative to the productive economy, while the decision concerning how new money is introduced debt free into the economy would reside with the government. As is evident from the foregoing, the MoMo monetary reform initiative is essentially based on the monetary reform advocated by PositiveMoney.

For those interested in following the developments of the campaign, or who would like to understand the detailed provisions, including those relating to the transition period,  please refer to the campaign website. The website is in German, French, and Italian, so language might present a limitation for many of you. Nevertheless, we do encourage you to visit the website and if you have specific questions, to leave a message in English. Someone from the team who speaks English will get back to you. The biggest challenge for the team at this stage of the campaign is to find the needed help and financing for signature collection. The minimum amount of funding required for a successful campaign is estimated to be 400’000 CHF or just over 270’000 GBP. Although, this is a non-UK initaitive, should the MoMo team succeed in putting such a fundamental reform proposal to a national vote, this would be a momentous achievement for the monetary reform movement in Europe and across the globe.  All eyes would be fixed on Switzerland, because success for this small but significant player in the financial arena would inevitably have a ripple effect in other countries.