The Money Page

Reports on Payment Systems

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Debate Corner

Since 1994, the debate over European regulation of electronic cash has raged behind closed doors, within secret committees, and with a thousand nods and winks.

The debate is now out in the open.

A recent development is this interesting paper by Professor C.A.E. Goodhart, Can Central Banking Survive the IT Revolution? in which he basically says that yes, it will survive if governments are willing to foot the bill. This was deciphered from the original PFDF.

The Economist published this commentary on Goodhart's paper.

The European Commission has commissioned research on policy questions on the regulation of electronic money by means of a series of open and published questions, mailed to interested parties across the Internet.

Here are questions and responses prepared by Ian Grigg. The flavour is informal, but rather critical, as it was felt that a devil's advocate approach was more useful in this context of broad, open discussion. We welcome this chance to contribute!

Other commentators have forwarded their responses directly, and these have resulted in a

Round Table Workshop

being conducted 31st March, 1999 in Amsterdam. Some 30 people attended, including from Japan and the US. Here are the informal notes I made.

Explanatory Memorandum on the Commission proposal for European Parliament and Council Directives on the taking up, the pursuit and the prudential supervision of the business of electronic money institutions, including the Draft Directive.

Opinion of the EMI Council on the issuance of electronic money. This is the follow-up to the 1994 report on Prepaid Cards, listed below, and now extended to Internet Money.
Henny van der Wielen of the Dutch Central Bank on Electronic Money: a European Perspective. This talk gives important clues as to the evolving approach to Internet and smart card money by the European regulators.
EU Payment Systems Working Group report on Prepaid Cards presented the EU regulatory view. See also the critique on this paper, and the local copy of the report.

These reports used to be located here, but have now found a new home on John Young's Cryptome

Our thanks to John and the team at Urban Deadline!

The Goodhart paper was deciphered from PFDF in a process that used's excellent service to get the text out and then a manually written massage script to make sense of it. PFDF remains a way to limit the spread of important information.

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