The European Commission on Friday launched an infringement procedure against Italy over its use of so-called Golden Power in the banking sector. The procedure concerns the compatibility of Italy’s discretionary powers over banking mergers with EU law.
The announcement follows recent tensions over Rome’s decision to block UniCredit’s attempted takeover of Banco BPM. However, the Commission stressed the procedure is not linked to any specific case.
According to the Commission’s database, the action falls under “Financial stability, financial services, and Capital Markets Union.” Brussels sources said the concerns relate to the scope of Italy’s golden powers, which allow the government to intervene in strategic sectors, including finance.
Economy Minister Giancarlo Giorgetti responded after the decision became public. He said the Commission had raised objections to the Golden Power law, which was revised in 2022 under the Draghi government. He added that Italy would address these objections through dialogue.
Giorgetti said the government would present a proposal aimed at clarifying the rules and resolving the Commission’s concerns. He stressed that Italy would act “in a constructive and collaborative spirit”. He also expressed confidence that a shared framework could be reached.
The infringement procedure begins with a formal notice stage. Italy needs to reply before the case can move forward.
