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Maybe I just hate money but IMO there are no good cashback schemes. A merchant-to-consumer wealth transfer that piggybacks on every transaction? Has a smell of fraud or corruption but not stinky enough for American regulators. Good job to the EU on this one.

I wouldn't say that's a huge downside as in theory prices should be that little bit lower

And yet, they are higher. Of course, not because CC fees, but regardless of the reason, as the price of virtually everything that isn't a staple is higher in the EU, the fact that lower CC fees make prices trivially lower in this particular case is somewhat of an irrelevant point.

Interchange yes, but that's only a small part of the price. Companies still have to pay 1-3%.