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Italy has resolved dispute with ECB over gold reserves, Treasury sources say
By Giuseppe Fonte
Reuters
Thursday, December 11, 2025
ROME -- Italy has resolved differences with the European Central Bank over a draft budget amendment on the ownership of the Bank of Italy's gold reserves, Italian Treasury sources said today.
The ECB was not immediately available to comment.
Sponsored by members of Prime Minister Giorgia Meloni's right-wing party, the proposal stating that the gold held by the Bank of Italy belongs to "the Italian people" had raised concerns from the ECB, which said it could undermine the Italian central bank's independence.
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Italian Economy Minister Giancarlo Giorgetti and ECB President Christine Lagarde resolved the issue on the sidelines of a meeting of euro zone finance ministers in Brussels, the sources said.
The Bank of Italy, a public institution independent from the government, holds the world's third-largest national gold stockpile, behind the United States and Germany. Its 2,452 metric tons of gold are worth some $300 billion, equivalent to roughly 13% of Italy's national output.
Giorgetti reassured Lagarde that Rome had no plans to transfer the gold off the Bank of Italy's balance sheet, the sources said, ruling out a move that would circumvent the prohibition on central banks financing the public sector. ...
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