Italy Defends Right to Restrict UniCredit’s BPM Bid in EU Reply

Italy has defended its right to restrict UniCredit's bid for Banco BPM in a response to the European Union. Prime Minister Giorgia Meloni recently exercised this power, effectively blocking UniCredit's acquisition attempt. The Italian government argued that its ability to intervene in mergers and acquisitions, particularly in the banking sector, is a necessary measure to protect national interests and financial stability. Italy maintains that this power is in line with EU regulations and does not constitute an unfair restriction on the single market. The European Commission had previously criticized Italy's actions, suggesting they could undermine the free flow of capital within the EU. However, Italy has firmly asserted its stance, defending its right to safeguard its economic and financial interests through the regulation of strategic sectors, such as banking. The dispute highlights the ongoing tension between national sovereignty and the EU's push for a more integrated single market. Italy's response underscores its determination to preserve its authority in matters deemed crucial to its economic and financial well-being.