Dear Supporter of the Swiss Sovereign Money Initiative,
In this newsletter:
Federal Council rejects the Swiss Sovereign Money Initiative
The committee bringing the Swiss Sovereign Money Initiative is surprised that the Initiative has been rejected by the Federal Council
Berne – The Federal Council has issued a press release (24/2/2016) about its rejection of the Swiss Sovereign Money Initiative (available in German, French and Italian).
The main reason they gave were the unforeseeable risks to the financial sector and thus the economy as a whole. They agree about the importance of having a stable financial sector, but plan to pursue their strategy of increasing this stability by appropriate legislation, and they mention meaningful progress with the "too-big-to-fail" problem has been made with Basel III.
In response to this press release, Daniel Meier from the Initiative Committee explains:
The speed of the rejection of the Swiss Sovereign Money Initiative by the Federal Council has surprised us. They are missing a great opportunity to introduce “crisis-proof” money. Luckily it will be the people who ultimately take the decision, not the Federal Council.
With Sovereign Money the Swiss Francs in people’s private accounts are completely safe – even when a bank gets into financial difficulties. This is a big step to better security.
The provision of credit by the banks can be guaranteed to continue smoothly, as the Swiss National Bank will be able to bring enough money into circulation at any time.
The Swiss Sovereign Money Initiative will strengthen trust in the Swiss Franc, particularly as the Swiss National Bank will have better tools with which to enact monetary policy.
Articles and Interviews
The Economist magazine reports on the press release from the Federal Council.
The Cobden Centre in London has interviewed us about the Swiss Sovereign Money Initiative.
Reinvent.Money has featured us in one of their episodes. Click here for highlights.
International monetary reform meeting in Brussels from 18th to 22nd February
Positive Money and the International Movement for Monetary Reform (IMMR) organised campaign training in Brussels for monetary reform movements from around the world, including 3 delegates from the Vollgeld team in Switzerland. During the 4-day workshop the participants from 14 countries worked intensively exchanging campaigning and public relations ideas, more details of which will be released in the IMMR network. Cooperation at the international level is taking off!