The EU Commission has given Italy a month before it is referred to the European Court of Justice over the government's use of the golden share. Brussels, "on the basis of the latest contacts with the Italian authorities", states that "Italy will soon be in order". For this "he gave her another month" to review her legislation.
The golden share is a special right of intervention that the State can exercise on some private companies in the energy and telecommunications sector. According to the Commission it is incompatible with the single market and the free movement of capital. “Some special powers assigned by the state in privatized companies operating in strategic sectors such as telecommunications and energy – explains Brussels – constitute unjustified restrictions on the free movement of capital and freedom of establishment. One or more of these rights have been introduced in the statutes of Enel, Eni, Finmeccanica and Telecom Italia”.
In fact, Italian legislation gives the State the power to oppose both the acquisition of shares and the stipulation of syndicate agreements” as well as “the right to vote on certain decisions such as mergers or transfers”. These powers would make direct and portfolio investment less attractive and could discourage potential investors resident in member states from buying shares in these companies.
