Switzerland has voted to reject proposals to transition its economic system to a ‘sovereign money’ framework.
In the referendum on June 10, only 24.3% of voters supported the initiative, known locally as ‘Vollgeld’. Supporters claimed the system, which would have given the central bank the sole power of money creation, would make Switzerland’s economy safer.
The result came as a relief to the Swiss National Bank, which led opposition to the initiative over the past six months.
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