The European Commission initiates infringement proceedings against Italy over its use of the golden power rule.
Officials argue that the rule grants the government broad authority to scrutinise, halt, or condition banking-sector transactions.
They warn that the measure, despite aiming to protect national security, may enable unjustified interference in the single market.
They also state that the legislation conflicts with the European Central Bank’s supervisory responsibilities.
Italy now faces a two-month deadline to address the concerns raised by EU authorities.
Rome Prepares Its Response
Italy’s economy minister Giancarlo Giorgetti confirms that his ministry will answer the objections in the appropriate forums.
He promises to present a regulatory proposal designed to clarify the scope of the rule and resolve the issues.
He expresses confidence that the revised framework will align responsibilities and meet EU expectations.
UniCredit’s Abandoned Bid Sparks Dispute
UniCredit withdraws its July bid for Banco BPM after the government enforces golden power to block the takeover.
Bank leaders claim the imposed constraints and deadlines prevent meaningful engagement with shareholders.
They argue that the merger would have elevated UniCredit to the country’s top bank by market value.
The lender challenges government conditions before Italy’s highest administrative court.
These contested requirements include leaving Russia by 2026 and maintaining stakes in Anima Holding.
