🏛️ ECB Pushes Back — Italy’s Gold Reserves Plan Under Fire
The ECB has again urged Italy to reconsider a proposal declaring the Bank of Italy’s gold reserves as belonging to “the Italian people,” warning it could breach EU rules and threaten central-bank independence.
🔎 What’s Happening
🇮🇹 Italy’s government proposed reclassifying the Bank of Italy’s 2,452 tonnes of gold under public ownership.
🏦 The ECB issued a formal opinion asking Rome to step back, saying the move’s purpose is unclear and risks undermining the Bank of Italy’s autonomy.
Core concern: Reclassification could allow future governments to tap gold for spending — something EU treaties explicitly prohibit.
Why It Matters
Italy holds the third-largest gold reserves in the world — a pillar of Eurozone financial stability.
Politicizing reserve ownership could damage trust in Italy’s fiscal management and weaken broader Eurozone credibility.
What to Watch
Will Rome modify or drop the amendment after the ECB’s warning?
Could this inspire similar moves in other fiscally-strained EU countries?
Market reaction: possible volatility in Italian bonds, the euro, and gold.
