Hands off the Bank of Italy on gold: what need is there for a snatch that would lead to a clash with the ECB?

It is not certain that the amendment of the group leader of the senators of Brothers of Italy, Lucio Malan, on the robbery of thegold of the Bank of Italy and the direct transfer of its ownership to the State is actually approved by Parliament but for now it has been deemed admissible. What is certain is that, if this provision were to become law, it would cause a short circuit between the Italian Government , ECB which protects the ownership of gold reserves by central banks as a guarantee of their independence. "I don't understand what purpose that amendment serves or what its aim is," critically observes the former Director General of the Bank of Italy, Salvatore Rossi, in an interview with Mf. If the amendment were to become law—explains Rossi, who wrote a masterly book on the Bank of Italy's gold—"it would inevitably clash with European law" because "the European Treaties state that gold reserves are the property of central banks and prohibit their use in the public budget. Moreover, it is obvious that gold reserves belong to the people because a central bank is a public body and holds and manages gold in the interests of citizens." Certainly, the Bank of Italy's gold reserves (2.400 tons with a balance sheet value of 197 million euros) are impressive, but Malan's pressure is destined to "have a difficult life" because, adds Rossi, "Europe will react as European law dictates." Why then does the leader of the FdI senatorial group persist? For a patriotic reason, aimed at stimulating the financial sovereignty of his constituents. The one who loses, however, is Italy and the credibility of the Meloni government.