ROME, Dec 1 (Reuters) – Ruling party lawmakers in Italy are backtracking from assertions that the central bank’s $300 billion in gold reserves belong to the state, a document showed, in a bid to avoid criticism from the European Central Bank.
Senators from Prime Minister Giorgia Meloni’s Brothers of Italy party revised a disputed amendment to next year’s budget by saying that the gold held by the Bank of Italy belongs to the Italian people, dropping an earlier reference to the state.
The Bank of Italy, a public institution independent of the government, legally owns the world’s third-largest national gold stockpile, behind only the U.S. and Germany. Its 2,452 metric tons of gold are equivalent to roughly 13% of Italy’s national output.
Previous attempts by Italian politicians to clarify ownership of the reserves – seen as a possible way to sell gold to cut debt or fund tax cuts and spending hikes – have met resistance from European Union authorities.
In commenting on a similar initiative in 2019, the ECB warned that any infringement of central bank autonomy, such as in the management of gold reserves, would be incompatible with EU treaties.
The statute of the European System of Central Banks prohibits central bankers from seeking or taking instructions from EU institutions or member states.
Last month the senators had presented to parliament a proposal stating that “the gold reserves, managed and held by the Bank of Italy, belong to the state, on behalf of the Italian people.”
The amended text now said that “the gold reserves managed and held by the Bank of Italy belong to the Italian people.”
It is unclear whether parliament will approve the amendment or whether the ECB will still object. Last week the ECB said it had not been contacted by Italian authorities on the matter.
(Reporting by Giuseppe Fonte; editing by Mark Heinrich)
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