Italy’s ruling coalition is pushing ahead with a contentious plan to assert state ownership over the central bank’s roughly $300 billion gold reserves, despite intensifying warnings from legal experts and EU officials.
Senator Lucio Malan of the Brothers of Italy party said the initiative aims to prevent the country’s massive gold holdings from being “improperly used” in the future, framing the move as a protective measure rather than a power grab. The government has formally requested an opinion from the European Central Bank, which could determine whether such a shift violates EU rules on central bank independence.
Critics argue the proposal could undermine investor confidence and blur the lines between monetary and fiscal authority at a time when Italy already faces scrutiny over its debt trajectory.
Supporters within the government, however, contend that the reserves should ultimately be recognized as public property and that clarifying ownership is essential for future transparency. The ECB’s response is expected to set the tone for what could become a major clash between Rome and Brussels.
