I think the goal to reduce transaction costs for merchants is laudable. It's one of the premises of the association. That's why we want more competition in this space. The way to reduce fees is not by regulating them down. In many of these other jurisdictions, we've seen that the effects of interchange fee regulations haven't been exactly what policy-makers intended.
Interchange fee caps in the United States and Australia reduced the interchange fee revenues of the banks that issue the cards. This resulted in those banks cross-subsidizing those losses by increasing fees in other areas. In EU countries, they couldn't find a systematic relationship between overall fees and interchange fee regulations. They did find that, when they looked at a very broad dataset, some fees did go up as a result of interchange fee regulations.