高手请进，急求英文翻译
To meet the challenge of electronic money, the European Central Bank
proposes extensive regulation, including:
"i) issuers of electronic money must be subject to prudential supervision;
ii)electronic money schemes must have solid and transparent legal arrangements; …
v) electronic money schemes must supply the central bank with whatever information may be required for the purpose of monetary policy;
vi) issuers of electronic money must be legally obliged to redeem it at par value; and
vii)the possibility must exist for the ECB to impose reserve requirements on all
issuers of electronic money." [European Central Bank, 2000]
This, of course, does not deal with the problems raised by issuers outside its
jurisdiction. It is possible that issuers domiciled where there is less severe regulation,
particularly an absence of reserve requirements, might have a competitive advantage
over those regulated by the ECB.
However, it is also possible that the effect of regulation, and particularly deposit insurance, on the acceptability of e-money might offset such an advantage. In any case, the acceptability of non-bank issued electronic money will depend partly on users' perception of the financial stability of the issuer. At this point, data to judge that may not be easily available to the ordinary user. I inquired of PayPal whether they provided audited financial statements. The response to the inquiry was: "Thank you for contacting PayPal. PayPal do not [sic] provide any type of financial statement." Perusal of their statements filed with the SEC in preparation for their public offering suggested why they would not disclose them on request. Common equity was a negative $186 million as of September 30, 2001. While this was offset by preferred stock, it would likely prove disconcerting to users. On the other hand, this unease might not have a significant impact currently since the average user's account is under $20. However, for consumers and merchants to carry balances to facilitate larger transactions would seem to require greater transparency and confidence by users.
proposes广泛的章程，包括： 电子货币 " i)发行人必须是受谨慎监督支配;
ii)电子货币计划必须有坚实和透明法律安排; …
v)电子货币计划必须供应中央银行与任何信息也许为货币政策的目的需要; 必须法律上迫使电子货币vi)发行人赎回它在面值; 并且
vii)可能性必须为ECB存在强加储备需求量给所有 电子货币issuers。“[欧洲中央银行2000年]
This，当然，不应付在它之外的发行人提出的问题
jurisdiction. 是可能的定居的发行人有较不严厉章程的地方，
particularly缺乏储备需求量，也许有竞争优势
over ECB调控的那些。
However，也是可能的章程的作用和特殊存款保险，在e-money的可接受性也许抵销这样好处。 无论如何，非银行的发表的电子货币的可接受性将部分取决于发行人的财政稳定的用户的悟性。 这时，可能不容易地供给普通的用户判断的数据。 我询问了PayPal他们是否提供了被验核的财政决算。 对询问的反应是： “谢谢接触的PayPal。 PayPal不[sic]提供任一种财政决算”。 他们的声明阅读归档了与SEC为准备他们建议的公开上市他们为什么应要求不会透露他们。 普通股本是消极$186百万在2001年9月30日。 当这由优先股票时抵销，它可能将证明困惑给用户。 在另一只手上，因为平均用户帐号在$20以下，这心神不安也许当前没有重大影向。 然而，为了运载消费者和的客商平衡促进大笔买卖将似乎由用户要求更加伟大的透明度和信心。
