Wednesday, September 28, 2005
Several merchant associations filed an antitrust suit against Visa and Mastercard as well as several major banks challenging the system intercharge fees. The suit alleges that the fees are set at supercompetitive levels and are the result of collusions among the banks and the credit card companies.
Neelie Kroes, the new EU competition commissioner, announced earlier this week that she proposes to move EU merger analysis towards the US model with a more careful analysisof efficiencies and effects on consumers. The Wall Street Journal of September 26, 2005 (article by Adam Cohen and Mary Jacoby) quotes:
"I like aggressive competition, including by dominant companies," Ms. Kroes told the conference, in remarks intended to signal the EU's evolution and her own views. "I don't care if it may hurt competitors, as long as it ultimately benefits consumers."