Brussels, 27/03/2008 (Agence Europe) - On Wednesday 26 March, the European Commission announced it had opened formal antitrust proceedings against Visa Europe Limited concerning multilateral interchange fees (MIF) that it pays to traders for crossborder transactions in the European Economic Area (EEA). The proceedings will seek to establish whether these practices constitute infringements of Article 81 of the EC Treaty or Article 53 of the EEA agreement, which prohibit restrictive business practices. The decision was “awaited”, according to a pres release from the company in question. Visa, however defends the fees which it says must be fixed at commercially viable levels so that the industry may make its continued investment in infrastructure used for these transactions profitable. Visa had already reformed its system by reducing certain tariffs and by imposing thresholds on others as of 2002. The Commission, in return, had granted it derogation on certain obligations. This derogation expired in December 2007. The inquiry underway will analyse whether tariffs imposed by Visa on banks and traders are fully in line with Community law. (C.D.)