Italy moves to clarify gold reserve ownership

The Italian government is considering a legal clarification to officially declare that the Bank of Italy’s gold reserves, worth around $300 billion, belong to the state, sparking debate over potential EU treaty conflicts.

The proposal comes from the ruling party, Fratelli d’Italia, which describes the move as a simple “legal clarification” rather than a plan to sell the reserves. Government officials stress that the initiative is intended only to define ownership.

However, the European Central Bank (ECB) has warned that limiting the central bank’s autonomy could violate European Union rules. The ECB maintains that such constraints would be incompatible with EU treaties, highlighting the delicate balance between national authority and EU monetary independence.

The Italian government’s clarification proposal is now under scrutiny by legal and financial experts, as the country navigates compliance with European regulations while asserting state ownership over one of its most valuable assets.