Overview
- In a formal opinion dated December 2 and published December 3, the ECB said the amendment’s purpose is unclear and asked Italian authorities to reconsider it to preserve the Bank of Italy’s SEBC functions.
- The reworded Fratelli d’Italia measure presents an “authentic interpretation” stating that gold reserves held by the Bank of Italy “belong to the Italian People,” referencing DPR 148/1988.
- The opinion cites Article 130 TFEU and SEBC statutes, stressing that reserve management must remain under the full and effective control of the national central bank.
- The Economy Ministry sought two ECB opinions on November 28 and December 1, and lawmakers indicated further changes, with reports suggesting the government may withdraw the measure to avoid conflict with EU institutions.
- As the budget talks continue, Prime Minister Giorgia Meloni says the plan will help Italy exit the excessive deficit procedure, and Economy Minister Giancarlo Giorgetti pledges multi‑year hyper‑amortization within €9 billion in incentives for firms.