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
editNew constitution
editThe 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
edit| Month | Question | For | Against | Blank/invalid | Total | Registered voters |
Turnout | Cantons for | Cantons against | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Votes | % | Votes | % | Blank | Invalid | Full | Half | Full | Half | |||||
| February | Federal Council membership eligibility | 1,287,081 | 74.7 | 436,511 | 25.3 | 34,504 | 5,457 | 1,764,453 | 4,641,615 | 38.0 | 18 | 6 | 2 | 0 |
| Organ transplantation regulations | 1,501,925 | 87.8 | 209,263 | 12.2 | 46,216 | 5,471 | 1,762,875 | 38.0 | 20 | 6 | 0 | 0 | ||
| House ownership for everyone | 721,717 | 41.3 | 1,025,025 | 58.7 | 19,817 | 5,410 | 1,771,969 | 38.2 | 3 | 0 | 17 | 6 | ||
| Spatial planning law amendment | 952,482 | 55.9 | 750,130 | 44.1 | 53,715 | 5,699 | 1,762,026 | 38.0 | ||||||
| April | New constitution | 969,310 | 59.2 | 669,158 | 40.8 | 23,335 | 5,066 | 1,666,869 | 4,642,854 | 35.9 | 12 | 2 | 8 | 4 |
| June | Asylum law | 1,443,137 | 70.6 | 601,389 | 29.4 | 66,156 | 7,282 | 2,117,964 | 4,646,362 | 45.6 | ||||
| Federal resolution on foreigners and asylum | 1,447,984 | 70.8 | 595,908 | 29.2 | 68,695 | 7,125 | 2,119,712 | 45.6 | ||||||
| Medical prescription of heroin | 1,128,393 | 54.4 | 944,919 | 45.6 | 45,297 | 6,760 | 2,125,369 | 45.7 | ||||||
| Federal law on disability insurance | 620,797 | 30.3 | 1,428,986 | 69.7 | 63,774 | 7,102 | 2,120,659 | 45.6 | ||||||
| Federal law on maternity insurance | 822,458 | 39.0 | 1,286,824 | 61.0 | 19,146 | 6,456 | 2,134,884 | 45.9 | ||||||
| Source: Nohlen | ||||||||||||||
Aftermath
editThe 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
edit- ^ a b c Nohlen, D & Stöver, P (2010) Elections in Europe: A data handbook, p1940 ISBN 9783832956097
- ^ Article 39 (7) of the Swiss Federal Constitution of 1874 read that banknotes must be covered by gold and short term securities.[permanent dead link]
- ^ David Jobbins, "Eye Witness", Times Higher Education Supplement, 16 April 1999.
- ^ "Swiss Narrowly Vote to Drop Gold Standard". The New York Times. April 19, 1999. Retrieved May 6, 2012.
- ^ Dan Atkinson, "Worm's Eye on the Bullion Tactics of Swiss Elite", The Guardian, 12 April 1999., Retrieved 6 May 2012.
- ^ "Ulrik Bie and Astrid Henneberg Pedersen, "The Role of Gold in the Monetary System", Monetary review - 3rd Quarter 1999, Danmarks Nationalbank". Archived from the original on 2004-03-10. Retrieved 2012-05-09.
- ^ "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". Archived from the original on June 14, 2012. Retrieved May 9, 2012.
- ^ Paul Krugman, "The Gold Bug Variations", Slate, No. 23, 1996.
- ^ "Swiss Gold - On Hold". Business Wire. Gale Group. 15 April 1999. Retrieved 17 September 2011.
- ^ Roth, Jean-Pierre, "A View on Switzerland in the Run up to the Demonetarisation of Gold", 22nd Annual FT World Gold Conference, London, 1999.
- ^ (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. Archived 2013-10-19 at the Wayback Machine
- ^ 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
- ^ "Gold reels after Swiss propose sale of reserves". Business Times. The Sunday Times. Retrieved 17 September 2011.
- ^ See (in French) Jakob Tanner, "Banque nationale suisse (BNS)" in Dictionnaire historique de la Suisse, 02/10/2006.
- ^ (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 Archived 2013-10-19 at the Wayback Machine
