Overview
- The European Commission sent a letter of formal notice to Italy, launching an infringement procedure and setting a two‑month deadline for a response or possible reasoned opinion.
- Brussels argues Italy’s application of the powers enables unjustified economic interventions, undermines freedom of establishment and capital, and overlaps ECB supervision under the Single Supervisory Mechanism.
- The action targets a 2012 law broadened in 2021–2022 to include banks, which allows the government to review, block or attach conditions to corporate transactions.
- The Commission said two tracks are underway: a general review of Italy’s special‑powers regime and a separate assessment under Article 21 linked to the UniCredit–Banco BPM episode, which UniCredit abandoned in July after conditions were imposed.
- Economy Minister Giancarlo Giorgetti pledged a constructive reply and said the government will propose legislative changes to address the Commission’s objections.