1999 Swiss referendums

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. 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