FdI claims state ownership of Bankitalia’s gold reserves, sparking political clash

Fratelli d’Italia has reignited the debate over Italy’s gold reserves with a budget amendment that touches one of the country’s most sensitive financial issues.

The party introduced an amendment to the budget law stating that the gold reserves held by the Bank of Italy belong to the Italian state. While the principle itself is not new, its reassertion has triggered an immediate political and economic backlash.

Opposition parties and several economists warn that the move could — at least in theory — open the door to using gold reserves to cover public spending. The government firmly denies any intention to sell or leverage the gold, insisting that the amendment changes nothing in practical terms.

For now, the management of Bankitalia’s reserves remains unchanged. However, the initiative has thrust the relationship between the government and the central bank back into the spotlight and drawn the attention of financial markets, which remain alert to any signals involving Italy’s strategic assets.