Overview

• EU Commissioner Maria Albuquerque said the Commission is ready to act against decisions that hinder building a single market for financial services.
• She declined to confirm that an infringement procedure has been launched and emphasized that common rules will be enforced if breached.
• Italy’s economy minister Giancarlo Giorgetti defended the move as an exercise of exclusive state competence over national, financial and economic security under existing law.
• The Commission previously criticized Italy’s use of special powers in a July letter signed by Executive Vice-President and Competition Commissioner Teresa Ribera.
• Reporting indicates Brussels could soon send formal letters to Rome and may weigh an infringement case, after Italy’s golden power was applied to UniCredit’s bid for Banco BPM, which coverage says prompted UniCredit to withdraw; Albuquerque also called the issue a broader problem across several EU countries.