The Relationship between different Enforcement Tools in the Field of Mergers: Lessons from the UniCredit/BPM Case
Il rapporto tra i diversi strumenti di enforcement nel settore delle concentrazioni: lezioni dalla vicenda UniCredit/BPM
Le rapport entre les différents instruments d’enforcement dans le domaine des concentrations : enseignements tirés de l’affaire UniCredit/BPM
This paper analyses the relationship between the enforcement tools provided by the European legal order for the protection of EU law in the field of merger control, taking as a reference point the UniCredit/Banco BPM Case and the related use of “golden powers” by part of the Italian Government. In particular, three instruments are relevant in this context: the infringement procedure under Article 258 TFEU, the special procedure under Article 21(4) of Regulation n. 139/2004, and the preliminary reference for interpretation under Article 267 TFEU. The article examines the structural characteristics of each instrument, with particular attention to their suitability to ensure effective and timely enforcement of EU law in the sector of merger control. Namely, having identified an inadequate level of protection of EU law in the case of mergers with an “European” dimension, a possible solution is identified in a preferred and more incisive use of the special procedure under Article 21(4) of Regulation n. 139/2004.
