ROME, Dec 3 (Reuters) – The European Central Bank has called on Italy to rethink a proposed parliamentary amendment stating that the country’s gold reserves belong to its citizens, according to a document released on Wednesday.
The Bank of Italy, an independent public institution, holds the world’s third-largest national gold reserves after the United States and Germany. Its 2,452 metric tons of gold are valued at around $300 billion, equivalent to roughly 13% of Italy’s economic output.
The ECB said Italian authorities should reconsider the proposal, stressing the need to safeguard the central bank’s independence and noting that the amendment’s purpose remains unclear. The measure had been introduced as part of discussions around next year’s budget.
The ECB issued its opinion after requests from Italy’s Treasury in late November and early December. Its stance could encourage the ruling coalition to withdraw the proposal, which seeks to assert public ownership of the reserves.
Concerns over central bank independence Debate over ownership of Italy’s gold has persisted for years, with some politicians suggesting it could be sold to reduce public debt or finance tax cuts and spending. However, such ideas have consistently faced opposition from European Union authorities.
The ECB reiterated that neither it nor national central banks should take instructions from governments when managing reserves. It also warned that moving gold or foreign reserves off the Bank of Italy’s balance sheet could breach rules prohibiting central banks from financing governments. The Bank of Italy has said its gold reserves could be used as collateral for loans or, in extreme circumstances, sold to support the national currency.
Prime Minister Giorgia Meloni’s party had already revised the proposal to remove explicit reference to state ownership in an attempt to avoid ECB criticism. The original wording stated that the reserves belonged to the state on behalf of the people. The ECB also advised Italian authorities to consult the Bank of Italy if they proceed with efforts to clarify legal ownership of the reserves.
The issue comes at a time of broader concern in Europe about central bank independence, partly linked to policies associated with U.S. President Donald Trump. According to sources, some officials have even discussed the possibility of holding dollar and gold reserves outside the United States if access to Federal Reserve emergency liquidity were ever restricted.
