The European Commission launches infringement proceedings against Italy over its use of the golden power rule.
Officials voice concern that the regulation allows Rome to examine, block, or condition banking-sector deals too broadly.
They argue that the rule, created to protect national security, enables unjustified interference that restricts free establishment and capital movement in the single market.
They also state that the legislation overlaps with exclusive European Central Bank authority under the Single Supervisory Mechanism.
Italy receives a two-month deadline to address the issues identified by the Commission.
Government Responds to Regulatory Pressure
Economy minister Giancarlo Giorgetti acknowledges the objections and promises to deliver a regulatory proposal that clarifies competencies.
He stresses that Italy will respond in all relevant venues and work constructively with EU institutions.
He expresses confidence that a revised framework will settle the concerns and align national and European responsibilities.
UniCredit Merger Collapse Intensifies Dispute
UniCredit’s board withdrew its offer for Banco BPM in July after the government used golden power to halt the takeover.
The bank states that government conditions and deadlines blocked essential talks with shareholders needed to evaluate the merger.
The failed acquisition would have made UniCredit Italy’s largest bank by market value.
UniCredit has since appealed to Italy’s top administrative court over restrictions tied to its bid, including a requirement to exit Russia by 2026 and maintain its investment in Anima Holding.
