Event: Swiss referendum on sovereign money – Too radical too soon?

WHEN?
June 27 – From 18h00 until 20h00 including drinks reception

WHERE?
Positive Money Europe – Rue Ducale 67, 1000 Brussels

On June 10, the Swiss population rejected by referendum a proposal to introduce a sovereign money system. Also known as ‘Vollgeld” or full money, the proposal would have radically changed how the banking and monetary system works in Switzerland. By ensuring that only the central bank can create money instead of commercial banks through credit, Vollgeld proponents argue the banking system would be less prone to creating asset bubbles and financial crisis. In addition, deposits would become as safe as central bank’s money and the government would regain seigniorage resources to finance its budget or distribute a citizens’ dividend to all.

While only 25% of the population approved the proposal, the referendum has sparked an unprecedented debate in Switzerland and abroad on central banking and monetary policy.

What would be the implication of a sovereign money system? Can a sovereign money system ensure an efficient allocation of credit in the economy? Would it jeopardize central bank independence? What can we learn from the debate around the campaign in Switzerland? Should similar reforms be considered in the Eurozone?

Maurizio Degiacomi, spokesperson for the Vollgeld Reform Initiative

Michaël Malquarti, Senior Portfolio Manager at Quaero Capital and author of “Pour un nouvel ordre monétaire” (For a new monetary order, in French).

Moderation by Stanislas Jourdan, Head of Positive Money Europe

Did you miss the event? You can watch the debate below: