SEPA is the final stage of EURO conversion. Until now, the EU had a single currency, but not a single common payment system. This goal will be realised with SEPA.
Once SEPA is fully implemented in 2011, all euro countries will be using the same payment transaction processes for bank transfers, debit entries and card transactions.
This standardisation will create a true “Euro Land”. You will be able to take care of your banking in the entire EU using your Erste Bank and Sparkasse accounts.
Author: Jean-Yves Jacquelin
Representative of Austria in the EPC