The European Commission launched infringement proceedings against Italy for using its golden power rule to block UniCredit’s Banco BPM takeover.
Officials criticized the rule for giving Italy wide authority to review, halt, or set conditions on banking-sector deals.
The Commission warned that the regulation risks unjustified interventions, undermining free establishment and capital movement across the EU.
Brussels also noted that the law 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 objections.
Italy Pledges Regulatory Response
Economy Minister Giancarlo Giorgetti said Italy will respond through the proper legal channels.
He emphasized a cooperative approach and promised a regulatory proposal to clarify responsibilities and resolve EU concerns.
Giorgetti said the proposal will create a shared framework of competences between national and EU authorities.
UniCredit Withdraws and Appeals
UniCredit’s board abandoned its Banco BPM bid in July after Italy used golden power to block the merger.
The bank said government restrictions and tight timelines prevented shareholder dialogue, ending a deal that would have made it Italy’s largest bank by capitalisation.
UniCredit filed an appeal with Italy’s top administrative court challenging the imposed restrictions, including its required exit from Russia by 2026 and maintaining Anima Holding investments.
