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Single Euro Payments Area (SEPA) becomes fully operational as from 1 August 2014

31.07.2014: The Single Euro Payments Area (SEPA) creates a true European Single Market for retail payments in euro where transfers, direct debits and payments between Member States are as easy and fast as the equivalent domestic transactions. It becomes fully operational in all eurozone countries on 1 August 2014.

› Financial Services, Banking

Another step in the finalisation of the Banking Union’s architecture: publication of Single Resolution Mechanism (SRM) Regulation

30.07.2014: Today, the Regulation establishing a Single Resolution Mechanism (SRM) for the Banking Union has been published in the Official Journal of the EU, only one year after the European Commission presented its proposal. The Single Resolution Mechanism will allow for the timely and effective resolution of cross border and domestic banks, over a weekend if necessary. The Regulation will enter into force on 19 August.

Focus on …

Banking Union

For the euro area and other countries that want to join we have created a Banking Union, with a single supervisor and a common fund, paid for by banks.

Financial Reform

The European Commission is taking action in many areas to create a more transparent and stable financial system and ensure it can play an effective part in our strategy to restore growth in Europe.

Single Market Act

Our proposals to make the single market work better for growth, competitiveness and social progress.

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