Overview
- A draft amendment attributed to Senate leader Lucio Malan states that the gold reserves managed and held by the Bank of Italy belong to the Italian people.
- The government has worked on a reformulation, but the ECB from Frankfurt urges reconsideration because the concrete aim is still not clear.
- An internal FdI dossier argues that Bank of Italy capital is held by Italian-based banks, insurers, foundations and pension funds, many of them private and some controlled by foreign groups.
- FdI cites the Bank of Italy website’s description of the gold as the institution’s property to argue for a law explicitly defining public ownership.
- The clash is set to be decided in the budget process, with FdI insisting its proposal safeguards the reserves and does not undermine central bank independence or EU rules.