Italy’s Defense of Bank Jobs Is EU-Wide Obstacle: Paul J. Davies

Italy looks more worried about averting a few job cuts at home than amplifying its economic strength in the wider world. It’s not alone among European Union members — and that’s a big problem for the bloc’s future competitiveness.

Prime Minister Giorgia Meloni plans to use special rules to protect branches and jobs in UniCredit SpA’s pursuit of a deal for Banco BPM SpA, Bloomberg News reported Saturday. Italy’s “Golden Power” was initially designed to address foreign investment in strategic industries, but its reach has been extended since 2012; in banking, it can be used to veto or impose conditions on any deal, even ...