الفهرس 
The growing magnitude of the electronic money and its impact on the efficiency of the monetary policy :An analytical study of the EU and the USA cases with a momentary look on the Egyptian case
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Abstract
Many economists believe that electronic money could completely replace currency while others think that its impact will be less drastic. The future of electronic money depends on its growth, its regulations and the pace of technological advancements that would enhance the security of using this new money. It will directly affect central banks{u2019} capacity to control the rate of growth of monetary aggregates and hence the efficiency of using the monetary policy. Central banks around the world began to monitor the E - money phenomenon almost as soon as the first applications appeared in the financial industry, without waiting for a proven business case. However, there seems to be a clear distinction between the European (EU) and US financial authority{u2019}s perception on the proper approach to regulate E - money. In this study the history of e-money and its evolution, was demonstrated. Also, it involves a display of the main types of E - money along with their advantages, disadvantages and problems, in addition to knowing how E - money is applicable in Egypt. moreover, it gives a general overview of the key features and the main policy issues that arise for central banks as a result of the development of E - money