Of course, I cannot answer this for the Commission, but the “equivalence test” is, in my view, one of the possible methodologies, and it has the advantage that the competition authority seems to be comfortable with it. This does not mean, however, that market participants cannot conceive other models and methodologies – but they will clearly have to be in line with competition rules.
Allow me a final reflection on interchange fees: one can certainly find alternative ways and arrangements for replacing the MIFs. However, before entering into complicated undertakings and setting up new structures, a banker should not disregard the possibility of lower interchange fees being translated into higher earnings through the volume effect.