9

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Virtual currencies and central banks monetary policy: challenges ahead

02-07-2018

Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their ...

Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their anonymity and trans-border character. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Externí autor

Marek Dabrowski, Lukasz Janikowski

Should central banks be concerned about virtual currencies?

02-07-2018

Virtual currencies have generated much discussion over the past few years with some believing they are an improvement on state-issued currencies and will end up replacing them. This paper argues this is extremely unlikely. Cryptocurrencies such as Bitcoin do not work well as money because of security weaknesses and the volatility of their price relative to traditional currencies. The theory that the private sector will choose to replace a state-backed currency with privately-issued currency also ...

Virtual currencies have generated much discussion over the past few years with some believing they are an improvement on state-issued currencies and will end up replacing them. This paper argues this is extremely unlikely. Cryptocurrencies such as Bitcoin do not work well as money because of security weaknesses and the volatility of their price relative to traditional currencies. The theory that the private sector will choose to replace a state-backed currency with privately-issued currency also has little historical backing. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Externí autor

Professor Karl Whelan

Virtual Currencies

02-07-2018

Following a brief discussion of the characteristics of money, we provide an overview of virtual currencies describing relevant technological aspects and different use cases. Based on this, we derive implications for financial market regulations and monetary policy (with a focus on the possibility of central bank digital currencies). This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Following a brief discussion of the characteristics of money, we provide an overview of virtual currencies describing relevant technological aspects and different use cases. Based on this, we derive implications for financial market regulations and monetary policy (with a focus on the possibility of central bank digital currencies). This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Externí autor

Kiel Institute for the World Economy

Liability of Online Service Providers for Copyrighted Content – Regulatory Action Needed?

21-12-2017

This paper looks at liability of online providers for copyright infringements. The liability privileges in Articles 12 to 15 E-Commerce Directive can remain unchanged; they seem to be sufficiently flexible to adopt to new business models, which also make them in general future proof. These privileges do not, however, establish liability. With regard to injunction claims, Article 8(3) Copyright Directive provides for a satisfactory solution. EU rules establishing liability beyond injunction (e.g ...

This paper looks at liability of online providers for copyright infringements. The liability privileges in Articles 12 to 15 E-Commerce Directive can remain unchanged; they seem to be sufficiently flexible to adopt to new business models, which also make them in general future proof. These privileges do not, however, establish liability. With regard to injunction claims, Article 8(3) Copyright Directive provides for a satisfactory solution. EU rules establishing liability beyond injunction (e.g. damages) should be harmonised following the requirements (1) sufficient intervention by the internet provider and (2) breach of an adequate duty of care by the internet provider.

Providers Liability: From the eCommerce Directive to the future

15-09-2017

The study addresses the secondary liability of Internet intermediaries, namely, the issue of whether and to what extent, intermediaries —who bring together or facilitate transactions between third parties on the Internet— should be liable for, or in dependence of, illegal activities by their users. The report discusses the main issues related to the application of the Directive, and makes some suggestions for future improvements. It argues that the exemption should be maintained, since it is needed ...

The study addresses the secondary liability of Internet intermediaries, namely, the issue of whether and to what extent, intermediaries —who bring together or facilitate transactions between third parties on the Internet— should be liable for, or in dependence of, illegal activities by their users. The report discusses the main issues related to the application of the Directive, and makes some suggestions for future improvements. It argues that the exemption should be maintained, since it is needed to ensure the diverse provision of intermediation services and the freedoms of the users of such services. Some updates to the current regulation may provide better guidance to Internet intermediaries, their users, and legal professionals.

Externí autor

Prof. Dr Giovanni Sartor

Boosting e-Commerce in the Digital Single Market: A Foundation for European Growth and Competitiveness

15-09-2016

This paper reviews global trends in e-commerce and provides an analysis of the opportunities a Digital Single Market (DSM) would create for European entrepreneurs. The paper argues that the economic impact of the DSM could be enhanced by placing greater attention on the enabling conditions for entrepreneurial success, particularly by ensuring entrepreneurs have access to anchor customers, an ample supply of growth capital, sophisticated management talent and well-coordinated supports for scale-ups ...

This paper reviews global trends in e-commerce and provides an analysis of the opportunities a Digital Single Market (DSM) would create for European entrepreneurs. The paper argues that the economic impact of the DSM could be enhanced by placing greater attention on the enabling conditions for entrepreneurial success, particularly by ensuring entrepreneurs have access to anchor customers, an ample supply of growth capital, sophisticated management talent and well-coordinated supports for scale-ups and internationalization. This document was prepared by Policy Department A at the request of the European Parliament’s Committee on Internal Market and Consumer Protection.

Digital Single Market: boosting e-commerce and combatting consumer discrimination in the EU. 8th Meeting of the IMCO Working Group on the Digital Single Market

25-08-2016

This report summarizes the discussion during the 8th Meeting of the IMCO Working Group on the Digital Single Market. It explains an exchange of views between MEPs, the European Commission and experts on the topic of boosting e-commerce and combatting consumer discrimination in the Digital Single Market. The proceedings were prepared by Policy Department A for the Internal Market and Consumer Protection Committee.

This report summarizes the discussion during the 8th Meeting of the IMCO Working Group on the Digital Single Market. It explains an exchange of views between MEPs, the European Commission and experts on the topic of boosting e-commerce and combatting consumer discrimination in the Digital Single Market. The proceedings were prepared by Policy Department A for the Internal Market and Consumer Protection Committee.

The Situation of the Media Sector in Croatia

19-02-2010

In the twenty years since independence the development of free media in Croatia, alongside the birth of democracy and introduction of the market economy, has been a huge challenge. During the 1990s state censorship of the media continued to prevail. Since then the state of media freedoms has improved, but serious problems remain. This paper reviews the present state of affairs in the following four areas: (i) legal framework of the media, (ii) their ownership and financial situation, (iii) the freedom ...

In the twenty years since independence the development of free media in Croatia, alongside the birth of democracy and introduction of the market economy, has been a huge challenge. During the 1990s state censorship of the media continued to prevail. Since then the state of media freedoms has improved, but serious problems remain. This paper reviews the present state of affairs in the following four areas: (i) legal framework of the media, (ii) their ownership and financial situation, (iii) the freedom of the media and (iv) the role of the media in the fight against organized crime and corruption. While further amendments of media legislation are required to meet EU standards, the media are already showing themselves to be potent forces in the struggle against the wider problem of state corruption and its defective judiciary. The EU accession process is a unique opportunity to achieve decisive progress in these respects.

Externí autor

Michael Emerson, Senior Research Fellow - CEPS, and Maja Sostaric, co-author Research Assistant - CEPS

Protection and Implementation of Intellectual Property Rights in Security Technologies for Digital Media

15-12-2003

The present study concerns the protection and implementation of intellectual property rights in security technologies for digital media. Since digital media is a broad concept, the focus of this study is on digital content (sound, pictures or a combination thereof) involving the transfer of value. What is of interest here is not so much an exhaustive description of detailed technological solutions, but rather an analysis of their generic properties and their classification according to these properties ...

The present study concerns the protection and implementation of intellectual property rights in security technologies for digital media. Since digital media is a broad concept, the focus of this study is on digital content (sound, pictures or a combination thereof) involving the transfer of value. What is of interest here is not so much an exhaustive description of detailed technological solutions, but rather an analysis of their generic properties and their classification according to these properties. One of the major goals of the study was to describe how the choice of certain security technologies and their implementation would affect the structures of business in the information sector (access providers, content providers, copyright associations, etc.), as well as the legal context of access and use of the information resources by consumers (especially in connection with the new 2001 Copyright Directive). It was, of course, necessary to identify the potential standards (which may already be industry standards, and/or standards already delivered by standardisation bodies), and their interoperability.

Externí autor

Franck Leprévost and Bertrand Warusfel (Faculté de Droit de Paris V, Paris, France)

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