Sovereign money

摘要

The deep vitality of Swiss democracy is amply demonstrated by the forthcoming referendum (scheduled for 10 June 2018) on "Sovereign money" (Vollgeld-Initiative, Initiative Monnaie pleine, Initiativa Moneta intera). The purpose of the initiative is to prohibit money creation (via the granting of credit) by commercial, private banks; only the Swiss National Bank would have the right to issue money, as it already does in the case of banknotes and coins. The initiative would extend these powers to all kinds of money, including credit, and give the National Bank the exclusive right to them.