The institutional framework of the European System of Central Banks  I would like to start by giving you an outline of the institutional setup of the European System of Central Banks. The establishment of the European Central Bank in June 1998 also marked the creation of the European System of Central Banks.
Finally, the Single Euro Payments Area, or SEPA, is of utmost importance to the integration of retail banking markets in particular. The project aims to make non-cash euro payments as easy, efficient and safe as they are today in a single country.