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Parliamentary question - E-004791/2021Parliamentary question

Italian issue of revolving doors

Question for written answer  E-004791/2021
to the Commission
Rule 138
Sabrina Pignedoli (NI), Mislav Kolakušić (NI), Dino Giarrusso (NI), Rosa D'Amato (Verts/ALE), Piernicola Pedicini (Verts/ALE), Ignazio Corrao (Verts/ALE), Gunnar Beck (ID), Carlo Fidanza (ECR)

Respecting the rule of law is essential for being granted access to the recovery fund.

The latest Commission rule of law report on Italy underlines the serious lack of a law on ‘revolving doors’ and conflicts of interest in the country. This has resulted in serious losses of state resources, which has slowed down economic growth as part of the recovery from the COVID-19 pandemic. A clear example of this is the sale of the bank Monte dei Paschi di Siena (MPS).

In 2016, the Minister of Economy and Finance, Pier Carlo Padoan, oversaw the bailout that saved MPS from bankruptcy using EUR 5 billion of taxpayers’ money. In 2018, Padoan was elected as a Member of the Italian Parliament for the Siena constituency, which is where MPS is headquartered. In October 2020, Padoan left parliament to become Chair of the Board of the UniCredit banking group.

Now UniCredit wants to buy the strategic assets of MPS, while avoiding having to take on its non-performing loans. The knowledge that Padoan acquired as a minister and member of parliament was crucial to this operation.

Last updated: 29 October 2021
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