Electronic money and seigniorage of EU central banks
This paper reports on a study conducted on behalf of the Task Force on Electronic Money of the EMI Working Group on EU Payment Systems. For different scenarios the effects of electronic money on seigniorage income of central banks in the EU are calculated. It is shown that the consequences of electronic money on seigniorage differ significantly between countries, but only under extreme assumptions the seigniorage loss will exceed 0.5% GNP.
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