The American credit card network MASTERCARD and its European franchise EUROPAY have approved the broad lines of a merger aimed at strengthening the position of MASTERCARD in the face of its rival VISA. According to the terms of this project, the European banks that control EUROPAY would be proposed new shares representing one quarter and one third of MASTERCARD. If the merger is adopted, it will give rise to the first worldwide network of smart cards and the second largest issuer of credit...