ABI Calls for ECB Independence in Banking Transactions

FLORENCE, Italy (Reuters) – The head of Italy's banking association ABI, Antonio Patuelli, urged that the European Central Bank (ECB) should be the sole decision-maker regarding transactions in the banking industry. He emphasized that interfering with the ECB's independence, particularly to block a specific deal, would be a significant error.

Patuelli’s comments come amid strong opposition in Germany concerning UniCredit's potential offer for Commerzbank, where Italy's second-largest bank holds a near 21% stake, pending ECB approval.

> "If anyone interfered it would call into question not a single transaction, but the legitimacy of the banking union of which the ECB and its independence are the core," Patuelli stated during a press seminar.