European Central Bank 18 November 2025, Opinion of the European Central Bank of 18 November 2025 on the supervisory independence of the Banca d’Italia, the prevention of conflicts of interest and the exercise of administrative discretion in case of mergers, divisions and acquisition of material holdings (CON/2025/36)

EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 18 November 2025 on the supervisory independence of the Banca d’Italia, the prevention of conflicts of interest and the exercise of administrative discretion in case of mergers, divisions and acquisition of material holdings (CON/2025/36) Introduction and legal basis On 13 October 2025 the European Central Bank (ECB) received a request from