Government pushes back against foreign claims
Italian Prime Minister Giorgia Meloni’s party has rejected the idea that foreign shareholders of the Bank of Italy could hold any rights over the country’s gold reserves. The statement comes as a dispute intensifies between Rome and the European Central Bank, which has twice warned against a proposed amendment in Italy’s 2026 budget law.
The amendment would clarify in law that the central bank’s gold belongs to the Italian people. The ECB has signaled concern that this could interfere with the independence of the Bank of Italy. Meloni’s party argues that a formal legal definition is needed because some shareholders are foreign financial institutions.
Gold holdings among the largest in the world
Italy holds the third largest national gold reserve after the United States and Germany. The Bank of Italy reports holdings of 2,452 metric tons, valued at about 300 billion dollars, equal to roughly thirteen percent of national economic output. Ownership of the central bank’s capital is shared among 175 stakeholders, including major Italian banks and foreign groups such as Crédit Agricole and Allianz.
An internal report from Meloni’s party states that the reserves were accumulated over decades by Italy and should therefore be considered the property of the Italian people. While this understanding is widely accepted politically, the principle has never been formally written into Italian law. Several other EU countries have already codified the ownership of their reserves.
ECB warns of risks to central bank independence
The ECB has cautioned that national central banks must remain free from government direction. It also noted that any move that removes gold reserves from the Bank of Italy’s balance sheet could violate rules that prevent central banks from financing governments. These concerns were repeated in two formal opinions sent to Rome.
Senator Lucio Malan, who helped draft the amendment, said the government is working on new wording to reflect the ECB’s observations. Economy Minister Giancarlo Giorgetti is expected to discuss the matter with ECB President Christine Lagarde during a finance ministers meeting in Brussels this week.
