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Single European Payments Areas (SEPA) was designed to provide a central system of currency between 33 “fragmentary national markets”. It is suggested that SEPA will provide Europe and even the US with business advantages that the EU’s “international banking system” did not fulfill. Efficiency and ease of access will promote trade and transaction between both domestic and international markets.

It is evident that SEPA has made advancements such as establishing “direct debit” (which allows customers to be billed anywhere in the EU), single bank accounts (which take away the problem international bank account fees), bank account consolidation, and quicker availability of payments.

There is no simple way of fusing together several countries in hopes of having a stable and even thriving economy. SEPA has included the 28 EU members, as well as Iceland, Liechtenstein, Norway, Switzerland, and Monaco. This will allow companies to expand their markets and create a new consumer basis. That being said, uncertainty still lies in the stability of the European economy. Europe should continue to improve the state of the Euro and SEPA has been a great first step in doing so.

Sources: https://globalconnections.hsbc.com/canada/en/articles/10-ways-sepa-will-change-how-you-do-business-europe