The European Commission has escalated its campaign against national interference in bank mergers, issuing warnings to Italy and Spain as it seeks to boost banking consolidation and competitiveness, as reported by the Financial Times.
"The problem is that this is pure political posturing and the rules are clear and governments have no formal power to prevent these mergers from happening," a senior EU official told the FT. "The question here is who are you really competing with . . . our competitors are not inside the EU, they are outside the EU."
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