EPC is stands for Evolved Packet Core, it is core network of LTE, where all mobility and session related monitoring happens.
Major components of Core newtowrks are
MME, SGW, PGW, HSS, PCRF
Core network is responsible for UE attachment, Authentication, mobility, Service bearer establishment and charging.
References :
http://www.3gpp.org/technologies/keywords-acronyms/100-the-evolved-packet-core
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