On 19 December 2013 the ECB announced the launch of the Euro Retail Payments Board (ERPB). This new entity, which replaces the SEPA Council, will help foster the development of an integrated, innovative and competitive market for retail payments in euro in the European Union.
The SEPA Council had been set up in 2010 for an initial period of three years. It has been replaced by the Euro Retail Payments Board (ERPB).
The SEPA Council aimed to establish an adequate governance structure that involves all stakeholders at the European level. It aimed to promote the realisation of an integrated euro retail payments market by ensuring the involvement of all parties and by fostering consensus on the next steps towards the realisation of SEPA.
The creation of the SEPA Council had been agreed upon by the European Commission and the Governing Council of the European Central Bank in March 2010. It was a joint initiative of the European Central Bank and the European Commission who both co-chaired the SEPA Council.