"The Bank of Italy currently holds 2,452 tonnes of gold, primarily bullion, making it the central bank with the largest reserve of gold after the United States and Germany. A member of Prime Minister Giorgia Meloni's far-right Brothers of Italy party has proposed an amendment to next year's budget law to state that gold reserves held in the Bank "belong to the Italian people"."
"In an opinion note published on Wednesday, the ECB - which sets interest rates for the 20-nation eurozone, including Italy - said it was perplexed. "It is not clear to the ECB what the concrete purpose of the draft provision is," the bank said. It added: "The Italian authorities are invited to reconsider the draft provision." The ECB emphasised the importance of the Bank of Italy's independence from government."
The ECB asked Italian authorities to reconsider a draft budget provision declaring Bank of Italy gold reserves to belong to the Italian people. The Bank of Italy holds 2,452 tonnes of gold, mainly bullion, making it the third-largest national reserve after the United States and Germany. A Brothers of Italy senator says the amendment merely clarifies existing ownership. Opposition lawmakers called the move unnecessary and an ideological diversion. The ECB warned that transferring foreign reserves off the central bank's balance sheet could breach EU treaties that prohibit central bank financing of the public sector. Gold and silver act as safe-haven assets and can serve as collateral.
Read at www.thelocal.it
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