The Institutional framework for non-bank payment service providers: a critical review of the European Unione framework

The paper analyses the Community-based framework for payment service providers since the first banking directive and anti-money laundering directive, throughout the time, up to the first and the second Payment Service Directive. The paper argues, from an evolutive perspective, that the European law well matches the international policy priorities, but the lack of a clear-cut legal approach to money, electronic money and payment service raises some degree of legal uncertainty.