European Payments and SEPA

Dominique Rambure and Alec Nacamuli

Chapter 6 in Payment Systems, 2008, pp 77-102 from Palgrave Macmillan

Abstract: Abstract Harmonization of payment practices across the euro zone is seen as the next logical step in a progressive historical sequence: Common Market, Single Market, Monetary Union and the introduction of euro notes and coins. Payments in Europe have undergone a profound transformation since the late-1990s, when all systems and back-office applications had to be converted as countries joined the euro single currency, starting with the first 12 in 1999. It wasn’t until 2008 that the seismic change from a business viewpoint occurred with the advent of the Single Euro Payment Area (SEPA). SEPA should clearly be understood as a political move initiated by the European Commission (EC) and the European central Bank (ECB), within the vision of the Lisbon Agenda, to systematically strengthen the Single Market and the euro as a currency.

Keywords: Central Bank; European Central Bank; Payment Service; Debit Card; Payment Instrument (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-22721-7_6

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DOI: 10.1057/9780230227217_6

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