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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
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

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. ^ a b c 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.[permanent dead link]
  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". Archived from the original on 2004-03-10. Retrieved 2012-05-09.
  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". Archived from the original on June 14, 2012. Retrieved May 9, 2012.
  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. Archived 2013-10-19 at the Wayback Machine
  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 Archived 2013-10-19 at the Wayback Machine
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