How the Proposed Payments Legislation Will Restrain Competition Among Payment Card Schemes and Harm Consumers in the European Union

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David Evans, Oct 15, 2014

The European Parliament, in early April 2014, endorsed and further extended draft legislation, originally proposed by the European Commission, which will impose sweeping regulation on payment card businesses. The backers of the legislation claim that it will nurture competition, innovation, and consumer choice in the European Union. In fact, if adopted in the current form, it will reduce competition am