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European Central Bank, Report on Electronic Money (Aug. 1998) (full-text).
This report highlights, in particular, the kinds of measures required with regard to electronic money in order: (i) not to hinder the conduct of monetary policy; (ii) to maintain the integrity and stability of financial markets; and (iii) to encourage the efficiency and soundness of payment systems. Therefore, the report addresses: (i) central banks, which should set up an appropriate oversight regime; (ii) authorities in charge of establishing and implementing a prudential supervisory framework; and (iii) market participants, who should all take appropriate action to deal with the specific features of electronic money.