ECB Urges Italy to Reconsider Proposal on Central Bank's $300 Billion in Gold
By Giuseppe Fonte and Francesco Canepa
Reuters
Wednesday, December 3, 2025
ROME -- The European Central Bank has urged Italy to reconsider a parliamentary amendment asserting that the national central bank's gold reserves belong to the Italian people, a document published today showed.
The Bank of Italy, a public institution independent of the government, owns the world's third-largest national gold stockpile, behind the U.S. and Germany. Its 2,452 metric tons of gold are worth $300 billion, roughly 13% of Italy's national output.
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"The Italian authorities are invited to reconsider the draft provision, also with a view to preserving the independent performance of the Bank of Italy," the ECB said, adding it was not clear what the concrete purpose of the draft provision was.
The remarks may prompt the ruling coalition to drop its claim on people's ownership of gold reserves, which was tabled as an amendment to next year's budget.
The ECB said it had issued its opinion after receiving two requests for comment from Italy's Treasury, on November 28 and December 1. ...
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