Unicredit's takeover of BPM: Brussels calls on the government: the Golden Rule violates the rules.

Imposing certain obligations on UniCredit to limit its acquisition of BPM "could violate Article 21 of the EU Internal Market Regulation." The European Commission has sent a letter to Italy expressing its preliminary opinion on the use of the so-called "golden rule," the decree issued by the Presidency of the Council of Ministers on April 18, 2025.

The European Commission is effectively dismantling the government's justifications for attempting to thwart UniCredit's takeover. It begins with the alleged "public safety" concerns: the Commission believes the government's justification is currently lacking in reasoning and that the decree should have been submitted to Brussels before its implementation.

The European Commission's letter also notes that the decree may be incompatible with other provisions of EU law, including those on the free movement of capital and prudential supervision by the European Central Bank. The preliminary assessment invites Italy "to submit its observations," and "based on Italy's response to the preliminary assessment and the TAR ruling, the Commission will evaluate the next steps."

The first reaction from the majority came from Deputy Prime Minister Salvini, who had previously done most to counter Unicredit's takeover of BPM: "I think the European Union has more important matters to deal with, such as dealing with the US. So, bother the Italian government about seaside resorts, beaches, scooters, electric cars, and banks... It should focus on a few serious matters, and do them well." Further reactions will not be long in coming.