conditions the Commission bolted on to ensure the scheme, in its judgement, does not constitute state aid
GACS, ATLAS, the EC and the ECB: some light notes on the political economy of Italian NPLs
Jonathan Algar

[via @jeuasommenulle] I think it’s worth insisting more on this because I believe it is absolutely key. Effectively the EC is acting as a policymaker with technical demands that go far beyond their mandate (YES/NO there is state aid.) A good earlier example was Monte’s state aid decision where they requested that Monte reduces its govies exposures. That was maybe a good idea from a prudential and policy point of view but clearly this has NOTHING to do with state aid or competition.