EU confirms legal action against Italy

The European Commission confirmed in a statement on Tuesday 13 December that it has decided to start legal action against Italy over the involvement of the Bank of Italy in the takeover battle for Banca Antonveneta.

The commission said it will send Italy 'a formal request to submit its observations on provisions in its national regulatory framework that apply to supervisory decisions on the acquisition of stakes in domestic Italian banks by other EU banks.'

It is alleged Italy's central bank G