SEPA – NEXT STAGE IN EUROPEAN MONETARY INTEGRATION AFTER EURO LAUNCH

Abstract

Ever since euro banknotes and coins were launched in 2002 consumers in eurozone have been entitled to pay with single currency. The next stage in payments unification seems to be creation of new conditions under which every eurozone consumer would benefit from cash-free payments using only one account. This account will be based on the same regulation regardless the place of residence of each customer. The operation is going to be supported by the SEPA (Single Euro Payments Area) system. The main goal of the paper is: - to present SEPA as a system some people may become interested in, - characterize SEPA tools, - demonstrate legal regulations SEPA is based on, - analyze costs and profits of SEPA.