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European Central Bank Report on Electric Money, August 1998

By The World Bank

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Book Id: WPLBN0000099834
Format Type: PDF eBook
File Size: 0.3 MB
Reproduction Date: 2005

Title: European Central Bank Report on Electric Money, August 1998  
Author: The World Bank
Volume:
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Historic
Publication Date:
Publisher: The World Bank

Citation

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Bank, T. W. (n.d.). European Central Bank Report on Electric Money, August 1998. Retrieved from http://www.worldlibrary.in/


Description
Economics

Excerpt
SUMMARY AND POLICY CONCLUSIONS: 1. In 1993 the EU central banks studied the phenomenon of electronic money, which at that time only involved prepaid cards. The results of their analysis were published under the aegis of the EMI in May 1994. In that report the central banks welcomed the development of electronic money products, as these could, in principle, improve efficiency in payment operations for all parties involved, but recommended that, for a number of reasons, only credit institutions should be allowed to issue multi-purpose prepaid cards. -- 2. Since 1993, not only has the number of multi-purpose prepaid card projects greatly increased, but the use of software-based electronic money products (and card-based products) for payments via computer networks has also started to develop. In order to deepen the 1994 analysis and to extend it to the new forms of electronic money products, the EMI, with the assistance of its Working Group on EU Payment Systems and Monetary Policy Sub-Committee, conducted a new study in 1997 and early 1998. As a result, an Opinion of the EMI Council on the issuance of electronic money was published as an annex to the EMI Annual Report 1997. The present report builds on the analysis conducted under the aegis of the EMI; however, it only commits the ECB and the central banks of the participating countries. -- 3. The issuance of electronic money is likely to have significant implications for monetary policy in the future. Above all, it must be ensured that price stability and the unit of account function of money are not endangered. A significant development of electronic money could also have implications for the monetary policy strategy and the control of the operational target.

 

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