Press Release: Free movement of capital: Commission closes infringement procedure against Italy concerning acquisition of stakes in domestic banks

The European Commission has decided to close an infringement procedure against Italy concerning prudential supervision of the acquisition of stakes in domestic banks. The Commission will continue to monitor the financial services sector to eliminate any possible obstacles to the free movement of capital not justifiable on prudential supervision grounds that could hinder cross-border consolidation in the EU financial sector. Where the Commission identifies breaches of EU law in relation to direct investment by EU financial institutions, it will, where a violation has been identified, pursue infringement cases vigorously, as it has already done in other areas of barriers to intra-EU direct investment.