Swiss Reject Plan That Would Have Revolutionized Banking
- Sovereign money iniative rejected by 75.7% of voters
- SNB’s Jordan, finance industry vociferously opposed measure
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Switzerland dismissed a proposal to radically change the way banks lend money, a victory for the financial establishment including central bank chief Thomas Jordan.
Vollgeld, as the plan is known in German, was the latest in a string of national ballots in recent years that critics argued were reckless and would make Switzerland unattractive for businesses. Swiss National Bank President Jordan became one of its most prominent critics, saying it amounted to a “dangerous experiment.”