E&M

The evolving relationship between states, governments, and banks emerges clearly in the post-crisis regulatory landscape, where renewed interventions – particularly through mechanisms such as “golden power”– reflect a shift from pure market liberalism to a strategic reassertion of national interest in the financial sector. Comparing the approaches of Italy, Spain, Switzerland, and China, the analysis shows how banking regulation, consolidation, and supervision have become tools of political economy. The findings reveal a complex balance among financial stability, competitiveness, and sovereignty, suggesting that banking governance is increasingly intertwined with state policy and geopolitical strategy.