The European Banking Union Also Means Cross-Border Bank Consolidation - EU Law as a Bulwark Against National Political Interference in the UniCredit-Commerzbank Tie-Up

Autor: Alessandro Cuomo, Phedon Nicolaides
Jazyk: German<br />English
Rok vydání: 2024
Předmět:
Zdroj: Verfassungsblog, Iss 2366-7044 (2024)
Druh dokumentu: article
ISSN: 2366-7044
DOI: 10.59704/6768ee0c747d0599
Popis: A heated debate on the risks of EU’s unfinished-effort to establish a Banking Union erupted on 11 September 2024, when the Milan-based UniCredit announced that it had amassed an equity stake of 9% in the Frankfurt-based rival Commerzbank. The German Chancellor quickly labelled UniCredit’s move an “unfriendly attack,” adding that the acquisition of Commerzbank is a threat to German financial stability. We argue that German authorities can hardly provide a legally-compelling justification to convince the ECB to reject UniCredit’s request on financial stability grounds.
Databáze: Directory of Open Access Journals