BANKING/COMPETITION: VISA'S CROSS-BORDER CHARGES GET CONDITIONAL EXEMPTION FROM EU RULES.

The Commission has long regarded such cross-border payment fees with suspicion and acknowledges that the multilateral setting of the Visa MIF between competing banks constitutes a restriction of free and fair competition. But it feels that "a multilaterally-fixed interchange fee can lead to beneficial efficiencies and economies within a payment network", and therefore qualifies for an exemption from EU anti-trust rules, "but only if it is set in a reasonable and equitable manner".The default level of the MIF, which applies unless two banks agree...