I would like to stress in this context that the ECB follows with interest and close attention the European Commission’s work on a directive on electronic money and expects to be officially consulted in due time. B.
[12] See Coenen, G. et al. (2018), “The New Area-Wide Model II: an extended version of the ECB’s micro-founded model for forecasting and policy analysis with a financial sector”, Working Paper Series, No 2200, ECB, November. [13] See Bobeica, E., Ciccarelli, M. and Vansteenkiste, I.