Italian lawmakers have revived a long-running debate over who truly owns the country’s massive gold reserves, worth an estimated $300 billion. A new proposal presented to parliament aims to formally declare that the Bank of Italy’s gold pile belongs to the state.
The amendment, tied to next year’s budget, was submitted by senators from Prime Minister Giorgia Meloni’s Brothers of Italy party. Their move puts fresh political pressure on one of the world’s largest gold hoards. Italy holds 2,452 metric tons of gold—ranking third globally after the United States and Germany. At current prices, the reserves equal roughly 13% of Italy’s 2024 national output, News.Az reports, citing Reuters.
Over the years, politicians across the spectrum have argued that Rome should clarify ownership of the gold and potentially sell a portion to ease the country’s swelling public debt, which now exceeds 3 trillion euros and is projected to peak at 137.4% of GDP in 2026.
Critics warn that such attempts threaten the independence of the Bank of Italy, which is protected under European Union treaties. They argue that politicizing gold ownership could damage investor confidence and weaken central bank autonomy.
The new proposal states that the gold “belongs to the state, on behalf of the Italian people,” a line first reported by Italy’s Il Messaggero newspaper. It remains unclear how far the initiative will progress, but its re-emergence highlights growing tensions over Italy’s fiscal future and the political appetite for unconventional financial solutions.