  One loop effects due to virtual gauge field propagation in 2+1 dimensional
Born-Infeld theory are investigated. Although this field theory model is not
power counting renormalizable, it can be consistently interpreted as an
effective field theory. We derive the one-loop effective action in this
framework. Halpern's field strength's formulation is then applied to derive an
effective description for the interaction between magnetically charged
particles, when the gauge field dynamics is determined by a Born-Infeld action.
We compare the results with those of the Maxwell theory.
