The ECB has asked Italy to reconsider its proposal to push for the country's gold reserves to be declared the property of the Italian people. This move may eventually lead to the government selling part of its gold reserves. The ECB stated in an opinion: “It is recommended that the Italian authorities reconsider the provisions of this draft while also focusing on maintaining the independence of the Bank of Italy in carrying out basic duties related to the ECB system in accordance with the Treaty.” According to data from the Bank of Italy, Italy holds about 2,452 tons of gold, ranking third in the world in terms of reserves after the US and Germany. As the price of gold continues to rise, some members of the centre-right political party belonging to Italian Prime Minister Meloni proposed an amendment in the upcoming budget to confirm that the gold reserves are managed and held by the Bank of Italy, but at the same time added that they “belong to the Italian people.” The ECB stated: “The specific purpose of this draft provision is unclear.”

The ECB has asked Italy to reconsider its proposal to push for the country's gold reserves to be declared the property of the Italian people. This move may eventually lead to the government selling part of its gold reserves. The ECB stated in an opinion: “It is recommended that the Italian authorities reconsider the provisions of this draft while also focusing on maintaining the independence of the Bank of Italy in carrying out basic duties related to the ECB system in accordance with the Treaty.” According to data from the Bank of Italy, Italy holds about 2,452 tons of gold, ranking third in the world in terms of reserves after the US and Germany. As the price of gold continues to rise, some members of the centre-right political party belonging to Italian Prime Minister Meloni proposed an amendment in the upcoming budget to confirm that the gold reserves are managed and held by the Bank of Italy, but at the same time added that they “belong to the Italian people.” The ECB stated: “The specific purpose of this draft provision is unclear.”