Editorial: El País

• The Spanish Government will decide the future of BBVA's takeover bid on Banco Sabadell after reports from the ECB and the CNMC.
• The Government can obstruct the transaction within a month for reasons of general interest.
• The European Commission has unusually become involved, not seeing reasons to block the takeover bid.
• This movement from the European Commission can result in an infringement process.
• The European Commission's Commissioner, Maria Luís Albuquerque, should clarify the legal basis of her involvement.
• The Spanish banking market has experienced high concentration since the great crisis, and BBVA's takeover bid has reopened the debate about financing for SMEs.

Conclusion: With the reports from the pertinent commissions, the Government has the final say on the acquisition, despite the unexplained involvement of the European Commission. Moreover, the banking market's high concentration raises concerns about the financial impact on small and medium-sized businesses.

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