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Phoebus Athanassiou & Natalia Mas-Guix, Electronic Money Institutions: Current Trends, Regulatory Issues and Future Prospects (European Central Bank Legal Working Paper Series No. 7) (July 2008) (full-text).


The purpose of this paper is to examine critically the state of play in this segment of the financial services industry and to inquire how the E-Money Directives might be amended to bring about enhanced legal and operational certainty, facilitate the delivery of the potential benefits of e-money and contribute to the development of e-commerce within the EU.

The discussion of the regulatory concerns raised by the E-Money Directives and our inquiry into the most appropriate means of resolving these will be preceded by an examination of the e-money market's expansion hitherto and its future growth prospects within the EU.