I sort of agree as regards the very general guillotine clause, but I don't think it would make a huge difference in this case, because the Swiss referendum hits at the core of the common market agreement. The common market is made up of a few things that all go together to attempt to produce an integrated economic zone: free movement of labor, equal treatment of foreign and domestic companies, regulatory harmonization, etc. If countries can choose to honor some parts and not others, then you end up with a very fragmented market that fails to achieve the objective. Maybe France passes labeling laws designed to exclude Danish dairy products, Switzerland decides to restrict free movement, Greece decides to tax foreign companies at a higher rate than domestic companies, etc., etc. So it makes sense to me that the treaties over the common market are written such that countries only retain membership as long as they continue to honor each of these factors.