Ten referendums were held in Switzerland during 1999.Nohlen, D & Stöver, P (2010) Elections in Europe: A data handbook, p1940 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.
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).
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.Article 39 (7) of the Swiss Federal Constitution of 1874 read that banknotes must be covered by gold and short term securities.David Jobbins, "Eye Witness", Times Higher Education Supplement, 16 April 1999.Dan Atkinson, "Worm's Eye on the Bullion Tactics of Swiss Elite", The Guardian, 12 April 1999., Retrieved 6 May 2012.
The Swiss National Bank was the last central bank to hold substantial gold reserves to back its currency.Paul Krugman, "The Gold Bug Variations", Slate, No. 23, 1996. The 2590 tonnes of gold provided 40% of the value of the franc.Roth, Jean-Pierre, "A View on Switzerland in the Run up to the Demonetarisation of Gold", 22nd Annual FT World Gold Conference, London, 1999.
Results MonthQuestionForAgainstBlank/invalidTotalRegisteredvotersTurnoutCantons forCantons againstVotes%Votes%BlankInvalidFullHalfFullHalfFebruaryFederal Council membership eligibility1,287,08174.7436,51125.334,5045,4571,764,4534,641,61538.018620Organ transplantation regulations1,501,92587.8209,26312.246,2165,4711,762,87538.020600House ownership for everyone721,71741.31,025,02558.719,8175,4101,771,96938.230176Spatial planning law amendment952,48255.9750,13044.153,7155,6991,762,02638.0AprilNew constitution969,31059.2669,15840.823,3355,0661,666,8694,642,85435.912284JuneAsylum law1,443,13770.6601,38929.466,1567,2822,117,9644,646,36245.6Federal resolution on foreigners and asylum1,447,98470.8595,90829.268,6957,1252,119,71245.6Medical prescription of heroin1,128,39354.4944,91945.645,2976,7602,125,36945.7Federal law on disability insurance620,79730.31,428,98669.763,7747,1022,120,65945.6Federal law on maternity insurance822,45839.01,286,82461.019,1466,4562,134,88445.9Source: Nohlen
Aftermath The new constitution approved in April made the franc fully fiat, and the Swiss National Bank began selling its gold reserves."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. 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 Some of the proceeds were used to set up a "solidarity fund" with developing nations. By November, the gold stockpile was reduced to 25%.See Jakob Tanner, "Banque nationale suisse (BNS)" in Dictionnaire historique de la Suisse, 02/10/2006. "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
References