Italy says all the gold held by the central bank (Bank of Italy) belongs to the people. Bank of Italy says no, it's theirs.
ECB urges Italy to reconsider proposal on central bank's $300 billion gold
Dec 3 2025
The European Central Bank has urged Italy to reconsider a parliamentary amendment asserting that the national central bank's gold reserves belong to the Italian people, a document published on Wednesday showed.
The Bank of Italy, a public institution independent of the government, owns the world's third-largest national gold stockpile, behind the U.S. and Germany. Its 2,452 metric tons of gold are worth $300 billion, roughly 13% of Italy's national output.
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CENTRAL BANK INDEPENDENCE
Politicians of all parties have sought for years to clarify ownership of the gold, with some eyeing a possible sale to cut public debt or fund tax cuts and spending. All such proposals have met resistance from European Union authorities.
"When carrying out the task of holding and managing gold reserves, neither the ECB, nor a national central bank including Bank of Italy, nor any member of their decision-making bodies, shall seek or take instructions from any government of a member state," the ECB said on Wednesday.
It warned that a transfer of gold or foreign reserves off the Bank of Italy's balance sheet would circumvent the prohibition on central banks financing the public sector.
The Bank of Italy says on its website that gold could be used as collateral for loans or, as a last resort, sold to buy the national currency to support its value.
Meloni's party had already softened its proposal by removing a reference to the state to avoid ECB criticism. The initial amendment said: "The gold reserves, managed and held by the Bank of Italy, belong to the state, on behalf of the Italian people."
https://www.reuters.com/business/finance/ecb-calls-italy-reconsider-proposal-central-bank-gold-2025-12-03/