On Tuesday 27 June, the Commissioner Competition, Margrethe Vestager, justified recent decisions to liquidate two banks in Venice and to restructure Monte dei Paschi di Siena (MPS) in Italy, as well as Banco Popular in Spain, stressing that the European rules in force provide leeway for the member states to take account of the specifics and traditions of the national banking sectors.
“What we are doing here is using our set of rules. These rules make room for member states” to take...