Italy’s Gold Reserves Trigger Political Clash With the ECB

Italy holds around 2,452 tonnes of gold — the third-largest reserve in the world after the United States and Germany.
A new debate has now erupted over ownership: an amendment to the 2026 budget law, introduced by the governing Fratelli d’Italia party, seeks to declare that the gold »belongs to the Italian people«— although it continues to be managed by the Banca d’Italia.

The ECB responded immediately with sharp criticism. It warned that the proposal could undermine central-bank independence, as public ownership might open the door to political influence — including potential gold sales for debt reduction or budget financing. In its official statement, the ECB said the purpose of the amendment was unclear and urged the Italian authorities to reconsider the draft.

Within the eurozone, gold reserves remain the property of the national central banks, not the ECB. The ECB has neither access to nor control over these holdings — its role is simply to ensure that the independence of central banks is not eroded by political action. This is precisely why it reacted so sensitively to the Italian initiative.

Italy now faces a delicate decision: Should its historic gold treasure remain a purely strategic reserve  or be politically redefined and potentially used as an economic lifeline? Supporters view the proposal as a symbol of national sovereignty; critics warn of risks to euro stability and the possibility of gold sales to cover public debt or budget gaps.

                                                                                                                                    SK