The European Commission has confirmed that it has sent a Statement of Objections to Visa. The Statement of Objections outlines the Commission's preliminary view that Visa's multilateral interchange fees (MIFs) harm competition between acquiring banks, inflate the cost of payment card acceptance for merchants and ultimately increase consumer prices. The MIFs are an important part of the total cost that retailers must pay for accepting Visa's consumer payment cards, and in effect establish a minimum price for retailers. The Commission's preliminary view is that this behaviour infringes European antitrust rules (Article 81 EC Treaty and Article 53 EEA Treaty).