In a country with almost 3,000 billion euros of public debtgold has become a political symbol. The reserves of the Bank of Italy, the third largest in the world (after the United States and Germany), became a political weapon of the Brotherhood. … from Italy. Giorgia Meloni’s party slipped an amendment into the finance law for 2026 which stipulates that the reserves “managed and held by the Bank of Italy belong to the Italian people”. On paper, the direction is not changing, but in Frankfurt all the alarms have gone off.
Italy keeps 2,452 tonnes of goldvalued at approximately 280-285 billion euros, stored partly in Rome and partly in the central banks of the United States, the United Kingdom and other countries. This gold appears on the assets side of the Bank of Italy’s balance sheet and is part of the country’s official reserves, which the issuing institute manages with complete formal independence from the government, as required by the EU treaty.
The amendment of the Brothers of Italy – first more aggressive, then softened by the Ministry of the Economy – introduces something new: the idea that, legally, the ultimate ownership of these bars would return to the “Italian people”. We do not touch the management, which would remain in the hands of the Bank of Italy, but a slippery slope opens. The European Central Bank has already issued two very critical opinions and explicitly invited Rome to “reconsider” the measure due to the risk of eroding the independence of the Bank of Italy.
The gold of Italy
The transalpine country has precious metal reserves estimated at between 280 and 285 billion euros.
The ECB recalls that the treaties do not speak of “ownership” of gold, but of “exclusive custody and management” by national central banks, coordinated within the European System of Central Banks. They are the ones who decide to buy or sell gold, without interference from governments, and reserves cannot be used to finance public spending. Any law that changes the legal status of gold, or suggests that the government has its hands in the game, conflicts with this fundamental principle of autonomy.
From Rome, the official response insists that this is only an internal “clarification”. The Minister of the Economy, Giancarlo Giorgettiwrote in recent hours to Christine Lagarde to assure her that the rule only aims to clarify in the Italian system that “the availability and management of the gold reserves of the Italian people correspond to the Bank of Italy in accordance with the treaties” and that there will be no practical consequences for the issuing institute. Both plan to meet in Brussels next Friday, during the meeting between the Ministers of Economy and Finance.
But politics rules. For the Brothers of Italy, but also for the League, it is a question of principles. “A different formula can be found, but the principle cannot be called into question: the ownership of Bankitalia’s gold belongs to the Italian people,” proclaims Marco Osnato, economic leader of Meloni’s party. He claims that one thing is “holding and management” – which would remain in the hands of the Bank of Italy – and another is ownership, which is not defined in the treaties and which, in his opinion, should be recognized by citizens to “democratize” the system of central banks.
Criticisms of other parties
The opposition believes that this measure is an identity gesture intended to divert attention and fears that it is an alibi for a partial sale
Opposition parties criticize Meloni government’s initiative with a clear argument: it is an identity gesture to divert attention from an economy that is barely growing and a budget with little margin to mitigate the loss of purchasing power of families. They also fear that in the future this “property of the people” could be used as an alibi to lobby for a partial sale of gold or even to fuel Eurosceptic impulses, even if the government insists that no one intends to touch the bullion.
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