Swiss referendums, 1999

Switzerland
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Switzerland

Ten referendums were held in Switzerland during 1999.[1] The first four were held on 7 February on changes to the eligibility for membership of the Federal Council (approved), constitutional regulations on organ transplantation (approved), a popular initiative "house ownership for everyone" (rejected) and an amendment to the federal law on spatial planning (approved). The fifth was held on 18 April on a new Swiss Federal Constitution, which was approved.[1]

The last five referendums were held on 13 June on the asylum law (approved), on a federal resolution on asylum and foreigners (approved), a federal resolution on the medical prescription of heroin (approved), federal laws on disability and maternity insurance (both rejected).[1]

Background

New constitution

The proposed new constitution would sever the link between gold and the Swiss franc, which had been required by the old constitution.[2][3][4][5]

The Swiss National Bank was the last central bank to hold substantial gold reserves to back its currency.[6][7][8] The 2590 tonnes of gold provided 40% of the value of the franc.[9][10]

Results

Month Question For Against Blank/invalid Total Registered
voters		 Turnout Cantons for Cantons against
Votes % Votes % Blank Invalid Full Half Full Half
FebruaryFederal Council membership eligibility1,287,08174.7436,51125.334,5045,4571,764,4534,641,61538.018620
Organ transplantation regulations1,501,92587.8209,26312.246,2165,4711,762,87538.020600
House ownership for everyone721,71741.31,025,02558.719,8175,4101,771,96938.230176
Spatial planning law amendment952,48255.9750,13044.153,7155,6991,762,02638.0
AprilNew constitution969,31059.2669,15840.823,3355,0661,666,8694,642,85435.912284
JuneAsylum law1,443,13770.6601,38929.466,1567,2822,117,9644,646,36245.6
Federal resolution on foreigners and asylum1,447,98470.8595,90829.268,6957,1252,119,71245.6
Medical prescription of heroin1,128,39354.4944,91945.645,2976,7602,125,36945.7
Federal law on disability insurance620,79730.31,428,98669.763,7747,1022,120,65945.6
Federal law on maternity insurance822,45839.01,286,82461.019,1466,4562,134,88445.9
Source: Nohlen

Aftermath

The new constitution approved in April made the franc fully fiat, and the Swiss National Bank began selling its gold reserves.[11][12] Some of the proceeds were used to set up a "solidarity fund" with developing nations. By November, the gold stockpile was reduced to 25%.[13][14][15]

References

  1. 1 2 3 Nohlen, D & Stöver, P (2010) Elections in Europe: A data handbook, p1940 ISBN 9783832956097
  2. ↑ Article 39 (7) of the Swiss Federal Constitution of 1874 read that banknotes must be covered by gold and short term securities.
  3. ↑ David Jobbins, "Eye Witness", Times Higher Education Supplement, 16 April 1999.
  4. ↑ "Swiss Narrowly Vote to Drop Gold Standard", The New York Times, April 19, 1999., Retrieved May 6, 2012.
  5. ↑ Dan Atkinson, "Worm's Eye on the Bullion Tactics of Swiss Elite", The Guardian, 12 April 1999., Retrieved 6 May 2012.
  6. ↑ Ulrik Bie and Astrid Henneberg Pedersen, "The Role of Gold in the Monetary System", Monetary review - 3rd Quarter 1999, Danmarks Nationalbank
  7. ↑ Robert Mundell, "The International Monetary System in the 21st Century: Could Gold Make A Come Back?", Lecture delivered at St. Vincent College, Letrobe, Pennsylvania, March 12, 1997, at robertmundell.net.
  8. ↑ Paul Krugman, "The Gold Bug Variations", Slate, No. 23, 1996.
  9. ↑ "Swiss Gold - On Hold.". Business Wire. Gale Group. 15 April 1999. Retrieved 17 September 2011.
  10. ↑ Roth, Jean-Pierre, "A View on Switzerland in the Run up to the Demonetarisation of Gold", 22nd Annual FT World Gold Conference, London, 1999.
  11. ↑ (in French)"La loi sur l'unité monétaire et les moyens de paiement supprimera la parité du franc et de l'or", 26. mai 1999, Communiqués de presse, Département fédéral des finances DFF.
  12. ↑ Robert Mundell & Milton Friedman, (2001) "One World, One Money? Robert Mundell and Milton Friedman debate the virtues - or not - of fixed exchange rates, gold, and a world currency", Options Politique, Mai 2001, at robertmundell.net
  13. ↑ "Gold reels after Swiss propose sale of reserves". Business Times. The Sunday Times. Retrieved 17 September 2011.
  14. ↑ See (in French) Jakob Tanner, "Banque nationale suisse (BNS)" in Dictionnaire historique de la Suisse, 02/10/2006.
  15. ↑ (in French) "Circonstances des ventes d’or de la Banque nationale suisse" - Rapport du Conseil fédéral en réponse au postulat 07.3708 Stamm Luzi, 3.09.2008
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