Golden Share and Golden Power Mechanisms in the European Union: A Legal and Comparative Analysis with a Focus on Italian Policies

This article examines the evolution of state intervention mechanisms in strategic companies within the European Union, focusing on the legal frameworks of golden share and golden power, with a particular emphasis on Italy. While golden shares emerged as a tool during the privatization wave to allow states to retain control over key enterprises, their compatibility with EU free movement of capital rules has been increasingly challenged by the European Court of Justice, leading to their decline and reform. In response, the golden power mechanism has gained prominence as a flexible and legally grounded instrument enabling member states to screen and regulate foreign investments that may threaten national security or public order. Through a comprehensive review of legal texts, case law, and policy documents, this study provides a comparative analysis of the two mechanisms across the EU, highlighting Italy’s evolving approach to balancing national sovereignty and EU market freedoms. The findings reveal that Italy has significantly expanded the scope of its golden power regime, adapting to changing geopolitical and technological realities while complying with EU law. The article concludes by discussing ongoing challenges, including legal uncertainties and the risk of market fragmentation, and emphasizes the need for coordinated and transparent intervention policies within the EU framework

کلیدواژه ها:

Golden Power ، State Intervention ، Golden Share ، European Union ، Italy