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 objective of the ERPB is to contribute to and to facilitate the further development of an integrated, innovative and competitive market for euro retail payments in the EU by:
The ERPB is chaired by a high-level representative of the ECB. It is composed of the following members:
In addition to the members, five national central banks (NCBs) representing the Eurosystem and one NCB representing the non-euro area NCB community take part in the meetings on a rotational basis as active participants, in the sense of participating and contributing to the discussions, but without taking a position when a final conclusion/consensus is adopted. Furthermore, the European Commission is invited to join the ERPB as an observer.
For the execution of its mandate, the ERPB may establish a working group for a limited period of time for dealing with specific work priorities. Several groups may operate in parallel, depending on the work priorities.
The ERPB reports annually on its activities, common positions, guidance or statements adopted in the previous year and on its objectives and deliverables for the following year.