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Meloni moves to reclaim Italy’s €≈300bn gold pile — a showdown with the ECB?
Italian prime minister Giorgia Meloni and her ruling coalition have revived a highly charged fight over one of Europe’s largest national treasure troves: Italy’s gold reserves. A short but politically explosive amendment to the 2026 budget — championed by senators from Meloni’s Brothers of Italy party — seeks to declare Italy’s roughly 2,452 tonnes of bullion (commonly valued at around $300 billion/€285 billion) explicitly as belonging to the Italian people, a step critics say could pave the way for state control or even sale.
What exactly was proposed — and why it matters
The amendment started as a one-line change that would politically reclassify the Bank of Italy’s gold reserves as property of the nation’s citizens rather than simply assets managed by the central bank. Supporters argue the reserves are the product of Italian labour and should be recognised as national patrimony. Detractors warn the move risks undermining the Bank of Italy’s independence and could open the door for a future government to sell bullion to plug budget holes — a prospect that would alarm markets and EU institutions.
Reaction from the ECB and Brussels
European institutions have signalled alarm. The European Central Bank has repeatedly pushed back in recent days, noting that any step to transfer or politicise central-bank-held assets could run up against EU rules safeguarding central-bank independence. Italy’s lawmakers have since softened the language of the amendment — changing explicit references to “state ownership” to wording that the gold “belongs to the Italian people” — apparently to reduce friction with the ECB. But the ECB says it has not been formally consulted on the change and has warned about legal risks.
Political context: why Meloni’s government is doing this now
The move is rooted in long-standing nationalist criticisms about monetary sovereignty and the governance of the Bank of Italy — tensions that predate Meloni. For Meloni’s Brothers of Italy, bringing the gold debate back into the spotlight plays to a domestic audience frustrated by austerity, high debt and a sense that national wealth should be managed in Italy’s interest. Observers see it as both a symbolic assertion of sovereignty and a potential political bargaining chip during tough budget talks.
Market and legal implications
If the amendment were to lead to any real transfer of title, sale or forced liquidation, it could have broad consequences: disruption in gold markets, pressure on Italy’s sovereign credibility, and direct clashes with EU treaty principles that protect central-bank autonomy. Analysts and central banking specialists also warn about precedent — if one euro-area country were seen to weaken central-bank ownership, it could unsettle investor confidence across the bloc. At the moment, the proposal remains legislative theatre rather than enacted policy; but the risk of escalation keeps markets and Brussels watchful.
What could happen next
There are a few realistic paths:
• Parliament could pass the watered-down language and the row remains largely political theatre, with limited practical effect beyond a reputational spat with the ECB.
• The amendment could prompt legal challenges and a formal review by EU institutions if it’s interpreted as an attempt to override central-bank independence.
• In a worst-case, a future government might attempt to monetise part of the reserves — an outcome market-watchers view as risky and unlikely without fracturing EU rules.
Bottom line
Giorgia Meloni’s push touches a raw nerve in Europe: sovereign control over national assets versus the rules and safeguards that underpin the euro system. For now, the initiative has ignited political debate at home and caution from Brussels and the ECB. Whether it becomes a historic reassertion of national ownership or a temporary flashpoint depends on how Italy’s parliament, the Bank of Italy and EU institutions choose to respond.
If you’d like, I can:
• Draft an op-ed arguing for or against the amendment (500–700 words).
• Create a short timeline of past disputes over Italy’s gold (2010s→today).
• Pull the exact wording of the budget amendment and link the parliamentary record.
Please write News a article on meloni wanted to reclaim because 300bn worth of gold from the EU bank
Article written and configured by Christopher Stanley
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