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Italy is ready to amend golden powers to appease EU, sources say
Italy is ready to amend golden powers to appease EU, sources say
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By Giuseppe Fonte Italy has told the European Commission it is ready to make some changes to its so-called "golden power" rules aimed at shielding companies in strategic sectors, sources said, as the EU prepares disciplinary steps over the matter.Brussels is set to act against the way Rome uses the golden powers to set conditions on bank mergers, as part of a push to remove obstacles to the creation of larger financial groups across Europe.Italian and EU officials are already negotiating over how Rome can amend its legislation without radically distorting it, two sources with direct knowledge of the talks said, speaking on condition of anonymity because negotiations are private.Rome's prime concern is to maintain the principle, which has been confirmed by some Italian court rulings, that the government has the right to defend its national interest in business matters.Economy Minister Giancarlo Giorgetti and the EU Commissioner for Financial Services Maria Luis Albuquerque discussed the issue last week in Rome, the sources said.An EU spokesperson declined to comment.