IL GOLDEN POWER ALLA PROVA DEL DIRITTO. RIFLESSIONI ALLA LUCE DELLA SENTENZA DEL TAR LAZIO SUL CASO UNICREDIT–BANCO BPM

Over the years, the golden power regime has undergone a profound transformation, evolving from an exceptional tool for the protection of strategic national interests into a structural and pervasive mechanism of public intervention in the economy. This paper critically examines the tensions accompanying the evolution of special powers in light of the recent UniCredit–Banco BPM case, which was the subject of a significant ruling by the Lazio Regional Administrative Court (TAR Lazio) on 12 July 2025. The court partially annulled the Prime Ministerial Decree (D.P.C.M.) of 18 April 2025. Through the lens of the issues raised by administrative jurisprudence, the article aims, on the one hand, to reconstruct the current legal framework, highlighting emerging protectionist trends; and on the other, to propose de iure condendo reforms aimed at enhancing transparency, predictability, and accountability in the exercise of the State’s special powers.