The European Central Bank (ECB) has called on Italy to reconsider a controversial amendment that seeks to declare the nation’s massive gold reserves as the property of the Italian people.
Italy, whose central bank holds the world’s third-largest stockpile of bullion after the United States and Germany, controls 2,452 tonnes of gold valued at roughly $300 billion—about 13% of the country’s GDP.
In a formal opinion sent following requests from Italy’s Treasury, the ECB warned that the proposed measure could undermine the independence of the Bank of Italy, which legally manages the reserves without government interference.
The ECB stressed that neither it nor national central banks can act on instructions from any EU member government regarding the management of gold or foreign reserves.
Any transfer of these assets away from the Bank of Italy’s balance sheet, it noted, could violate EU rules prohibiting central bank financing of public spending.
Lawmakers have long debated control of the gold reserves, with previous political proposals hinting at potential sales to reduce public debt or fund fiscal programmes.
All such ideas have faced firm pushback from European authorities.
The amendment—introduced by Prime Minister Giorgia Meloni’s party—initially stated that the gold belonged to the state but was later softened to avoid conflict with the ECB.
Still, the central bank maintains that any attempt to formalise ownership must involve direct consultation with the Bank of Italy.
The ECB’s intervention comes amid broader concerns in Europe over central bank independence, particularly following political pressures surrounding U.S. Federal Reserve policies.
