Germany, France and Italy urged the European Union to show restraint in financial rule making and instead focus on boosting the competitiveness of its banking sector, the latest sign of a global political shift to prioritize economic growth over regulation.

Germany rejected a proposal by Italy to bring forward a planned European Union review of the bloc's ban on the sale of new internal combustion engine cars from 2035, saying it would lower standards and cause uncertainty for industry.

Rome and Berlin are siding with the European automotive industry in calling for the EU to relax CO2 emissions standards for cars as the bloc aims to end the sale of new petrol and diesel models by 2035.

Industry minister Adolfo Urso warns of large-scale job losses among carmakers unless Green Deal rules are relaxed

Italy has previously urged the European Union to reconsider its planned ban on internal combustion engines. Now, Prime Minister Giorgia Meloni has voiced her concerns, calling the ban "self-destructive.