In the EU, almost no cross-border mergers or acquisitions have taken place and only around 50 banks have been wound down, and at a heavy cost for tax payers due to delayed restructuring.
Moreover, the draft directive does not contain a clear indication that the issuer of e-money has to guarantee the redemption of electronic money in all cases at par value. Owing to the enormous potential of this new form of money, the ECB has to ensure from the outset that its monetary policy responsibility will not be jeopardized by developments outside its sphere of influence.