Wholesale cost of incoming roaming calls

NFH

When roaming on another network in the EEA, does the home network pay a termination rate to the visited network for delivering incoming calls to the roaming mobile phone? I suspect not, for the following reasons:

• The European Commission roaming regulations make no provision for regulating wholesale charges between networks for incoming calls, despite regulating all other wholesale charges. One possible reason for the lack of regulation could be that such wholesale charges don't exist.
• Some non-EEA networks charge varying incoming call rates depending on the visited network. Du in the UAE is one example, which charges a basic incoming call rate for an international call to the relevant country/region and a variable incoming call rate depending on the visited network, which is zero for all EEA networks and many other countries. Unsurprisingly, roaming on all US networks does attract this second charge, and it varies considerably when roaming on Russian networks. (GBP/AED=5.8354)

Another possibility is that one's home network pays the visited network the same termination rate as it does for calls to a non-roaming mobile number belonging to the visited network. Can anyone confirm for sure how this works?

NFH

There was an article yesterday about these charges:

BBC News: EU acts to end 'rip off' roaming charges

The article states that from July 2014 "The cost of receiving a call will fall to 5 cents (4p)". Can anyone explain the economics of the cost of receiving calls? Based on wholesale costs, is there a justification for any charge at all?