UniCredit. Photo: luxtimes.lu
The crisis of relations between Italy and Germany
The recent actions of the Italian bank UniCredit in relation to Commerzbank AG caused a new wave of tension in relations between Rome and Berlin. Italian officials have expressed their disappointment over Germany’s opposition to the takeover of Commerzbank by Milan-based UniCredit, putting at risk the delicate balance of diplomatic relations between the countries. This is reported by Bloomberg.
Disappointment in the Italian government
Officials in Prime Minister Georgia Maloney’s administration have privately criticized Berlin’s stance, which they say shows a double standard, advocating greater European integration while rejecting a takeover of a major financial player. Many in Rome are worried that the over-aggressiveness of Andrea Orsel, the CEO of UniCredit, could negatively affect relations between Italy and Germany.
Photo: banker.ua
Increase in share in Commerzbank
UniCredit quickly strengthened its position in Commerzbank, which is partly controlled by the German government. The Italian bank announced its 9% stake on September 11, and the very next day announced that it had entered into derivatives that allow it to control 21%, effectively becoming the largest investor in Commerzbank ahead of Germany. The moves came as a shock to Berlin, which opposed the takeover.
Germany’s reaction
German Chancellor Olaf Scholz did not stand aside, saying UniCredit’s actions were unfriendly and hostile. At an international forum in New York, he emphasized that Germany has taken a clear position on this issue, believing that such actions will have a negative impact on the banking infrastructure.
Italy’s answer
Responding to criticism, Italian Foreign Minister Antonio Tajani defended UniCredit’s position. He denied the existence of double standards in the European economy, noting that the free market should be supported by all participants. Tajani called for honesty in discussions about economic integration.
Support of the agreement by German legislators
Despite the tensions, some lawmakers in Germany have expressed support for a possible deal. Frank Scheffler, a member of the German parliament’s finance and budget committee, said it was important for Berlin to reduce its stake in Commerzbank to pave the way for a sale. He noted that increasing the presence of a European bank in Germany would be a positive step.
The situation with UniCredit and Commerzbank illustrates the difficult diplomatic relations between Italy and Germany, which are threatened by financial maneuvers. Both countries must find a way to restore trust and work together within the framework of European integration to avoid further conflicts.
