SEPA is a European Union EU objective and part of a wider political agenda to create a single market in Europe. The second part of the Lisbon agenda is to make Europe more competitive and create a level playing field. It is important to note that SEPA is not legislation, it is a banking industry solution in response to a challenge from the European Commission. When the Euro was introduced in 2001, it didnÆt take down the payment boundaries between the various countries in Europe. The payments systems in Europe are still very different. For example, in France people use cheques extensively, while...
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