Pressure is mounting in Italy over the potential allocation of the Bank of Italy’s gold reserves to the “Italian people.” An amendment to the budget law, proposed by Fratelli d’Italia (FdI) and supported by Lega, seeks to formalise this move, with Senator Claudio Borghi ready to endorse it once revised.
The European Central Bank (ECB) has expressed concerns, emphasising that the management and custody of gold reserves fall under the Bank of Italy and recalling the limitations imposed by EU treaties. Despite this, the government confirmed that the issue remains on the table, and discussions are ongoing to reframe the proposal.
Borghi, a key figure in the budget law discussions, highlighted that the amendment mirrors his 2018 bill, which he believes could protect Italy from financial risks greater than those associated with the European Stability Mechanism.
The opposition, led by Senate PD leader Francesco Boccia, strongly criticised the move, warning that Italy’s gold is a technical stability safeguard, not a government piggy bank. Boccia called any public discussion of using the reserves for political purposes “destabilising.”
The budget law debate is intensifying as lawmakers prepare to submit government amendments ahead of the Senate Finance Committee vote. Other key measures under scrutiny include the expansion of tax relief schemes and efforts to improve tax compliance, with the Revenue Agency targeting €41.5 billion in collections over the next three years and increasing inspections by 20% compared with 2025.
As Italy navigates these politically and economically sensitive debates, the fate of its gold reserves could become a defining issue for the government and its allies.