Regulators should not be competition authorities

Does the Bank of Italy's rejection of the takeover bid for Banca Nazionale de Lavoro by Italian insurer Unipol mean that the Italian authorities have stopped protecting the Italian banking system?


We will have to see, but it was obviously prudent for the central bank to clear the decks before the arrival of the new governor, Mario Draghi, next week, especially as Draghi's former employer, Goldman Sachs, has been advising a rival bidder for Unipol, the Spanish bank BBVA

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