The European Commission has formally notified Italy of its preliminary view that an April 18, 2025 decree issued by the Prime Minister’s Office, imposing obligations on the entity resulting from UniCredit’s acquisition of Banco BPM, may violate Article 21 of the EU Merger Regulation and other EU law provisions.
EU spokesperson Thomas Regnier stated during a press briefing that while the regulation allows member states to impose conditions in specific cases – such as protecting legitimate interests or addressing public security risks, as cited by Italy regarding UniCredit – the Commission has “doubts that this decree actually meets the conditions set out in Article 21.”
The Commission’s legal concerns drew a sharp rebuke from Italian Deputy Prime Minister and Infrastructure Minister Matteo Salvini. “I think the EU has more important things to deal with, like relations with the USA,” Salvini declared. “So instead of pestering the Italian government about beach concessions, beaches, scooters, electric cars, and banks, it should focus on a few serious things and do them well.” Salvini defended Italy’s right to regulate its banking sector, calling it a “strategic asset,” and insisted the matter rests with Economy Minister Giancarlo Giorgetti.
In a more measured response, the Prime Minister’s Office (Palazzo Chigi) issued a statement affirming Italy’s “collaborative and constructive spirit.” It pledged to respond to the Commission’s request for clarifications regarding the application of special powers (golden powers) to the UniCredit-Banco BPM deal, citing arguments previously deemed legitimate by administrative judges at the Regional Administrative Court (TAR).
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