• This photograph, taken in Geneva on May 24, shows an electoral poster in favor of a 'sovereign money' initiative. It reads, in French: 'Who should create our money?' Swiss voters Sunday cast ballots for the 'sovereign money' initiative, which, if it passes, will legally bar any institution other than the central bank from creating new money. | AFP-JIJI
    This photograph, taken in Geneva on May 24, shows an electoral poster in favor of a "sovereign money" initiative. It reads, in French: 'Who should create our money?' Swiss voters Sunday cast ballots for the "sovereign money" initiative, which, if it passes, will legally bar any institution other than the central bank from creating new money. | AFP-JIJI

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ZURICH – A radical plan to upend Switzerland’s financial landscape by barring commercial banks from creating money has been defeated after failing to win a majority of support from the Swiss cantons, Swiss broadcaster SRF said Sunday.

The measure needed to secure a majority of Switzerland’s 26 cantons as well as a simple majority of voters to be successful.

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