Parliament is weighing an amendment that would wait for EU decisions before invoking golden powers in deals involving banks and insurance firms.

Italy plans to revise its golden power rules to shield strategic assets and to defer major financial-sector M&A reviews until EU prudential and competition rulings are in place.

Italy is moving to defuse a legal dispute with the EU Commission over its use of golden powers, which Brussels says breaches EU rules and could affect cross-border banking consolidation in Europe.

Rome is pushing to broaden national security to include economic and financial security, a stance championed by Economy Minister Giancarlo Giorgetti.

The EU Commission argues that significant corporate mergers should be vetted at the EU level to prevent member states from acting unilaterally.

Separately, the EU is weighing orders for Italy to unwind the decree that conditioned UniCredit’s bid for Banco BPM, including a mandate for UniCredit to exit Russia by early 2026.

The dispute intensified after UniCredit criticized Italian government intervention during its failed Banco BPM bid, underscoring tensions over cross-border banking deals and state control.

Italy’s openness to revising the golden power framework raises questions about whether it will comply with EU demands or challenge them in court, with potential billions in damages if UniCredit prevails.