However, it would take a while longer until these four freedoms became more of a reality: in 1986, the Single European Act created the conditions for extensive reform processes. This was followed by a comprehensive programme of reforms. Economic integration then entered a new phase in 1993, when the European single market, as we know it today, came into existence.
The multilateral ACHs, on the other hand, lays down the clearing and participation rules for a particular payment stream to facilitate electronic fund transfers among its participants. Payment streams that are covered by a multilateral ACH promotes greater efficiency, better risk management and interoperability compared to those that are covered by separate bilateral agreements as currently practiced.