American, BA and Iberia to Sign Agreement

Delta and NWA are not the only airlines that are thinking about a merger. Recently, American, British Airways and Iberia have been in talks about signing a joint business agreement concerning flights between North America and Europe. As stated in a joint press release, this new agreement"will benefit consumers by providing easy seamless and convenient travel to more global destinations with better connections, improved flight schedules, and enhanced frequent flyer benefits." Under this agreements, flights between the USA, Canada, Mexico, Norway, Switzerland, and throughout the European Union. 

These three airlines just have to deal with U.S. and European regulations; and it has already been pointed out by rival airline carrier, Virgin Atlantic, that this agreement would be anticompetitive. In response to this, the three airlines have applied for immunity from U.S. and European regulators.  Just like the Delta/NWA merger, how will this affect the already floundering airline industry?