Single Euro Payments Area - Key Dates

Key Dates

1957 Treaty of Rome creates the European Community
1992 Maastricht Treaty creates the euro
1999 Introduction of the euro as an electronic currency, including introduction of the RTGS system TARGET for large-value transfers
2000 Lisbon Strategy: Meeting creates European Financial Services Action Plan
2001 EC Regulation 2560/2001 harmonises fees for cross-border and domestic euro transactions
2002 Introduction of Euro banknotes and coins
2003 First pan-European ACH (PE-ACH) goes live; EC Regulation 2560/2001 comes into force for transactions up to €12,500.
2006 EC Regulation 2560 cap increases Euro transactions up to €50,000.
2008 SEPA pan-European payment instruments become operational (parallel to domestic instruments) on 28 January.
2009 Payment Services Directive (PSD) enacted in national laws by November
2010 SEPA payments become dominant form of electronic payments
2011 SEPA payments replace national payments in the Eurozone

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