Brussels Set to Issue Formal Warning to Italy Over ‘Golden Power’ Rules
Brussels is set to issue a formal warning to Rome over concerns that Italy’s far-reaching “golden power” rules may breach European Union law, the Financial Times said on Friday, citing two European officials.
On Friday, Brussels was poised to issue a “letter of notice” to Italy, which marks the formal start of an infringement procedure under which Rome will be accused of potentially breaching EU law, the newspaper reported.
Reuters could not immediately confirm the report. The European Commission declined to comment on the Financial Times report.
Rome’s so-called golden powers are aimed at safeguarding the national interest in strategic sectors such as defence and telecommunications. Italy is one of a number of EU countries which have also applied that legislation to the banking sector.
Reuters reported last month that Italian Economy Minister Giancarlo Giorgetti planned to seek clarification from the EU’s financial services chief Maria Luis Albuquerque over disciplinary measures the European Commission is preparing to launch against the Italian legislation.
Reuters also reported in October that the Commission will act against Italy’s golden power legislation as part of a push against EU countries hampering bank consolidation in Europe.
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