While the rates for the use of copyrighted content are usually determined by negotiations between right holders and users, there are important exceptions to this rule in the fields of statutory licensing and the collective management of rights. In these fields, the amounts payable to right holders are often set by public authorities or courts; however, the law frequently only provides for very general guidelines and standards for rate-setting decisions. This paper explores the different standards that exist in the United States and the European Union and compares their interpretation and application in the two jurisdictions.