Q. Which of the following is an initiative of European Union that involves the creation of a zone for the euro wherein all electronic payments are considered domestic, and a difference between national and intra-European cross border payments doesn’t exist?
Answer: Single Euro Payment Area
Notes: The correct answer is "Single Euro Payment Area" (SEPA). SEPA is an initiative by the European Union aimed at simplifying bank transfers denominated in euros. It allows for seamless electronic payments across member states, treating them as domestic transactions. Established in 2008, SEPA enhances efficiency and reduces costs for consumers and businesses, promoting financial integration within the Eurozone.