Who Controls CB Gold in The Euro Area?
Italy Wants Central Bank Gold Back in Blow to ECB
Authored by GoldFix
GFN – ROME: Italy’s renewed push to assert state ownership over its gold reserves has triggered formal objections from the European Central Bank, which argues that such actions undermine national central bank independence. The dispute exposes a deeper tension embedded in the euro system: control over national gold was already centralized years ago under ECB rules and coordinated agreements, raising questions about what “autonomy” now actually means. We’ve been watching this unfold for years.. starting with the Basel 3 reorganization of gold treatment in EU. and now, Meloni is implicitly saying: Dear ECB, in case you have any ideas… Italy’s gold is Italy’s, not Europe’s.
Italy’s government is moving to assert formal state ownership over the Bank of Italy’s roughly three hundred billion dollars of gold, advancing a political claim on the world’s third-largest national reserve despite prior warnings from the European Central Bank that such moves risk violating EU treaty protections for central bank independence.
Senator Lucio Malan of the Brothers of Italy party said the amendment is designed to prevent the country’s gold from being used improperly in the future. He argued that “not even the Bank of Italy can do whatever it wants with the gold,” framing the proposal as a safeguard rather than an attempt to mobilize the bullion for fiscal policy. The amendment, submitted with four coalition allies, states that the reserves “belong to the state, on behalf of the Italian people,” placing political ownership above the Bank of Italy’s long-standing custodial role.
Italy's Seeks to Tax Private (Unsold) Gold
In a story by Reuters, Italy’s draft 2026 budget amendment outlines a 12.5 percent substitute levy that would allow households to formally declare bullion, jewellery and collectible coins lacking purchase records. According to the report, “the certification has to be done by June 2026,” placing a firm deadline on an initiative aimed at coaxing privately held gold into the system.
The country’s 2,452-tonne reserve equals nearly thirteen percent of its annual economic output, placing Italy behind only the United States and Germany in total gold holdings
The proposal arrives as Italy continues to manage a heavy public-debt profile and recurring political pressure to clarify who controls the national bullion. Across the last two decades, politicians from multiple parties have questioned whether the gold could be sold to reduce debt or finance tax cuts. A government official told Reuters the administration will request views from both the Bank of Italy and the European Central Bank before proceeding with legislation, which keeps the process aligned with European requirements for monetary-authority autonomy.
Indications of EU fragmentation grow.
— VBL’s Ghost (@Sorenthek) November 29, 2025
(Gold as proxy for EU deterioration,
Growing dissent among euro nations on gold treatment.)
Italy’s renewed push to assert state ownership over its gold reserves has triggered formal objections from the European Central Bank, which argues… pic.twitter.com/w5CdDeaUCu
The European Central Bank already addressed a similar effort in 2019, warning that restrictions on gold-reserve management would conflict with the principles governing the European System of Central Banks. The ESCB statute prohibits central bankers from taking instructions from national governments or EU institutions, which places gold management clearly within the central bank’s domain. Malan denied any intention to sell the metal and said the objective is to remove future uncertainty about its ownership. The Bank of Italy has stated that gold can be pledged as collateral to secure liquidity or, in extreme circumstances, sold to acquire euros to stabilize the currency.
