Humphrey, Thomas M. (Thomas M. Humphrey), The Quantity Theory of Money Its Historical Evolution and Role in Policy Debates (1974).

In addition , the alignment of ELMIs with payment institutions is complicated by the need to differentiate between payment services based on payment accounts and e money payment services based on centralised accounts .

Banknotes and coins , means of payment and currency matters

Save where otherwise provided , this Directive shall apply to payment services made in any currency .

However , payment institutions are not allowed to issue electronic money .

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3 ) apply the prudential regime of payment institutions to electronic money institutions

In particular , the use of the euro by private agents as an investment and financing currency , as well as a payment and vehicle currency , will play a prominent role .

However , to fully exploit the advantages of harmonised legislation , attention should be paid to aligning the scope of the proposed directive and that of the E money Directive ( 2 ) , in particular taking account of the need to differentiate between payment services based on payment accounts and e money payment services based on centralised accounting .

It was withdrawn because it was no longer circulating as an ordinary coin used for payment.

Therefore , in most of the Member States , e money has not yet been considered a credible alternative to cash .

Primary balance government net borrowing or net lending excluding interest payments on consolidated government liabilities .

This general definition of e money would imply that traditional bank accounts as well as payment accounts could be considered as e money .

The same holds for the case that a currency other than the euro is involved in the cross border euro payment transaction .

The average cost of the currency position shall be affected by interest rate swaps in a foreign currency when there is a difference between payments received and payments paid .

I prefer payment in full to payment in part.

( 7 ) Money remittance services where the cash , scriptural money or electronic money is accepted by the payment service provider from the payment service user for the sole purpose of making a payment transaction and transferring the funds to the payee .

Money remittance services where the cash , scriptural money or electronic money is accepted by the payment service provider from the payment service user for the sole purpose of making a payment transaction and transferring the funds to the payee .

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And money is the instrument we use as a unit of account , a means of payment and a store of value .

And money is the instrument we use as a unit of account , a means of payment and a store of value .

It is appropriate to limit the application of this Directive to payment service providers that issue electronic money .

A payment balance leading to an inflow shall affect the average cost of the currency when the payment is due .

( ii ) Money remittance services where banknotes and coins , scriptural money or electronic money are accepted by the payment service provider from the payment service user for the sole purpose of making a payment transaction and transferring the funds to the payee .

If forward rate agreements in a foreign currency are held , there shall be an effect on the average cost of this currency position in the compensation payment .

Where the payment service providers both of the payer and of the payee are located in the Community and where the payment transaction is carried out solely in the currency of a Member State , Member States shall require the payer 's payment service provider to ensure that the full amount of the payment transaction is received by the payee .

From this perspective , the ECB would like to suggest the introduction of the concept that electronic money represents a claim on the issuer of electronic money , which claim is redeemable in either legal tender or scriptural money , that is incorporated in an electronic medium , and accepted as an instrument of payment by ( non affiliated ) undertakings other than the issuing institution .

To be considered as e money these devices must operate as general purpose payment instruments ( 1 ) .

7 . The forward position shall be valued in conjunction with the spot position .

If forward rate agreements in a foreign currency are held , there shall be an effect on the average cost of this currency position in the compensation payment .

Unrealised losses taken to the profit and loss account at the year end shall not be reversed in subsequent years against unrealised profits , unless the instrument is closed out or terminated .

This Commission proposal focuses on modernising the provisions of the Electronic Money Directive , with special reference to the prudential regime of electronic money institutions , ensuring consistency with that of payment institutions under the Payment Services Directive .

Redemption by e money issuers to holders of e money as described above should be made either in legal tender or , with the respective e money holder 's consent via banking channels by making an irrevocable payment order to credit the e money holder 's bank account .

The definition should cover electronic money which is either held on a payment device in the holder 's possession or is stored remotely at a server and managed by the holder through a payment account with the payment service provider .

the exchange rate prevailing at the time of the transaction . The revaluation of foreign exchange assets and liabilities is performed on a currency by currency basis , including on balance sheet and off balance sheet instruments .

The revaluation of foreign exchange assets and liabilities is performed on a currencyby currency basis , including on balance sheet and off balance sheet instruments .

change of foreign currency into local currency and vice versa , that is to say , cash to cash operations , where the funds are not held as a cash deposit on a payment account

Included are central , regional and local government authorities , as well as social security funds .

Included are central , regional and local government authorities , as well as social security funds .

However , the Treaty establishes certain procedures for the democratic accountability of the ECB to the Parliament ( presentation of the Annual Report , general debate on monetary policy , testimonies before the competent parliamentary committees ) .

It follows that payment services should preferably be restricted to credit or e money institutions .

The revaluation of foreign exchange assets and liabilities is performed on a currency by currency basis , including on balance sheet and off balance sheet instruments .

If the system operates in the European monetary unit , a conversion would have to be made either by the bank itself , or within the system 's software , before the payment is netted .

( ii ) paragraphs 1 3 and 5 7 e money institutions and ( iii ) paragraph 7 payment institutions .

They shall not be payment institutions , credit institutions electronic money institutions , or post office giro institutions .