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The Single Euro Payments Area (SEPA) - the pan - European market for the European integration


  • Marius HERBEI

    (West University of Timisoara)

  • Florin DUMITER

    (West University Vasile Goldis of Arad)


Since 1 January 2002, consumers have been paying with euro banknotes and coins everywhere in the euro area, irrespective of the country, but non – cash payments between two countries continued to be expensive and complicated. Because of this fact, further integration was needed. To push the process forward, the European Union adopted a new law in December 2001 (Regulation no. 2560/2001). Banks had to charge the same fees for cross – border and national payments, but the costs for processing cross – border payments were still high. The banks could no longer pass on the costs to the customers, so they were losing money. This drove the banks to create the European Payments Council (EPC) in 2002. The EPC is in charge of the SEPA project. The goal is to turn the individual national payment markets into one pan – European market. For customers, SEPA means that payments to any person in the euro area will be quick and uncomplicated.

Suggested Citation

  • Marius HERBEI & Florin DUMITER, 2008. "The Single Euro Payments Area (SEPA) - the pan - European market for the European integration," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(8), pages 57-62, December.
  • Handle: RePEc:aio:fpvfcf:v:1:y:2008:i:8:p:57-62

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    Single Euro Payment Area; non-cash payments; integration; payment markets;

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation


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