In recent days, the debate over the ownership and use of the gold reserves held by the Bank of Italy has once again become a topic of public attention, following an amendment to the budget bill aimed at formally designating the gold as “property of the State.” This is a topic that seems straightforward only at first glance. The gold reserves are already a public asset, but their management is governed by a complex regulatory framework, which includes European Union law, the Statute of the Bank of Italy, and the prohibition of monetary financing of public finances. Any attempt to modify this balance could have significant technical, financial, and institutional implications, affecting the relationships between the government, the Bank of Italy, and European institutions.
Affaritaliani.it has dedicated an in-depth analysis to this topic with the professionals of LEXIA’s Administrative Law Team, Marco Luigi Di Tolle and Marta Scandroglio, who have analyzed:
- the legal limits on the use of gold held by the Bank of Italy for purposes such as reducing public debt or covering public spending;
- the role of the Eurosystem in managing the reserves and the constraints arising from European regulation;
- the reasons why Italy’s gold is distributed in vaults located abroad;
- potential institutional frictions that could arise from legislative interventions transferring management powers from the Eurosystem to the government.
What scope does the State have in using Bank of Italy’s gold? What are the actual European constraints? And what might the consequences be of changing the current framework?
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