The European Commission starts infringement proceedings against Italy for applying the golden power rule.
Officials say the rule blocked UniCredit’s attempted takeover of Banco BPM.
The Commission warns the regulation allows Italy to examine, halt, or impose conditions on banking-sector transactions.
Brussels argues the law risks unjustified intervention, undermining free establishment and capital movement in the single market.
The EU also says the legislation overlaps with the European Central Bank’s supervisory authority under the Single Supervisory Mechanism.
Italy has two months to respond and address the EU’s concerns.
Italy Promises Regulatory Clarification
Economy Minister Giancarlo Giorgetti pledges to respond to the Commission’s objections in the proper forums.
He says Italy will propose new regulations to clarify roles and resolve the EU’s concerns.
Giorgetti insists the changes will create a shared and balanced framework of powers for banking oversight.
UniCredit Abandons Merger, Appeals Restrictions
UniCredit withdrew its Banco BPM bid in July after the Italian government used golden power to block the deal.
The bank says executive-imposed constraints prevented dialogue with shareholders and stopped the merger from proceeding.
UniCredit notes the blocked deal would have made it Italy’s largest bank by capitalisation.
The lender recently appealed to Italy’s top administrative court against conditions including a required exit from Russia by 2026 and maintaining investments in Anima Holding.
