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1999 Swiss referendums

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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]

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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]

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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

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