The European Commission is challenging Italy's use of "golden powers" in the banking sector, raising concerns over potential breaches of EU law and prompting a broader debate on investment screening rules across the bloc.
The European Commission has formally challenged Italy's application of "golden powers" legislation to banking sector deals, raising concerns over potential breaches of EU law. These powers allow the Italian government to block or impose conditions on corporate takeovers in strategic sectors, including banking, energy, and telecommunications.
Originally intended to shield critical assets from foreign takeovers, particularly outside the EU, golden powers were expanded during the COVID-19 pandemic. However, their use in the banking sector—where the European Central Bank already holds supervisory authority—has prompted scrutiny from Brussels.
The Commission has initiated an EU Pilot dialogue, seeking clarification on how Italy applies these powers, particularly as Rome prepares to conditionally approve UniCredit’s proposed acquisition of rival Banco BPM. If Italy fails to provide a satisfactory explanation, formal infringement procedures may follow.
Critics argue that the increased use of golden powers has added unnecessary bureaucracy for companies, raising legal costs and creating uncertainty. Meanwhile, the EU is reviewing its foreign direct investment screening framework to ensure consistent application across member states.
Rome, for its part, is awaiting clarity on any future EU reforms before considering amendments to its national legislation. The outcome could significantly shape how strategic investments are governed within the EU.
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South Africa’s 2024/25 maize harvest is now forecast at 14.66 million tonnes, up 14 % from last season and slightly above March’s estimate, the Crop Estimates Committee said in its latest outlook.
An explosion rocked a residential area in Taiyuan, Shanxi province, northern China, killing at least one person and injuring 21 others, according to state media.
U.S. Treasury primary dealers want Congress to scrap the federal debt ceiling, warning in new TBAC minutes that the limit lifts borrowing costs, fuels market turmoil and could weaken the dollar’s reserve-currency standing.
Russia and North Korea on Wednesday launched construction of a road bridge between the two countries that will span the Tumen river, marking strategic partnership between the two countries, Russia's prime minister said.
Canada’s economy contracted 0.2 % in February, its first monthly decline since November, as slumps in mining, oil and gas extraction, and construction dragged overall output lower, Statistics Canada said.
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Russia and North Korea on Wednesday launched construction of a road bridge between the two countries that will span the Tumen river, marking strategic partnership between the two countries, Russia's prime minister said.
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South Africa’s 2024/25 maize harvest is now forecast at 14.66 million tonnes, up 14 % from last season and slightly above March’s estimate, the Crop Estimates Committee said in its latest outlook.
An explosion rocked a residential area in Taiyuan, Shanxi province, northern China, killing at least one person and injuring 21 others, according to state media.
U.S. Treasury primary dealers want Congress to scrap the federal debt ceiling, warning in new TBAC minutes that the limit lifts borrowing costs, fuels market turmoil and could weaken the dollar’s reserve-currency standing.
Russia and North Korea on Wednesday launched construction of a road bridge between the two countries that will span the Tumen river, marking strategic partnership between the two countries, Russia's prime minister said.
Canada’s economy contracted 0.2 % in February, its first monthly decline since November, as slumps in mining, oil and gas extraction, and construction dragged overall output lower, Statistics Canada said.
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