Under the pressure of a huge national debt, the dispute over Italy's gold ownership is heating up.

The European Central Bank has requested the Italian government to reconsider its proposal to declare the country's gold reserves as the property of the Italian people, which could ultimately lead to the sale of some of Italy's gold reserves. The ECB stated in an opinion paper: "The authorities in Italy are advised to reconsider the draft provision, taking into account the importance of maintaining the independence of the Bank of Italy in fulfilling its basic responsibilities within the European System of Central Banks." The ECB also added: "The specific purpose of this draft provision is not yet clear." It is reported that Senator Luccio Maran, a member of the ruling party Italy Brothers Party led by Prime Minister Giorgia Meloni, along with four other party colleagues, have submitted an amendment to the budget for 2026 to Parliament, stating that "the gold reserves managed and held by the Bank of Italy belong to the nation, representing the Italian people in trust." Data shows that the Bank of Italy holds the third-largest national gold reserves in the world, after the United States and Germany, with its 2452 tons of gold valued at around $300 billion, equivalent to about 13% of the country's GDP. Over the past 20 years, politicians from various parties in Italy have continuously called for clarity on the ownership of the gold reserves, considering the possibility of selling gold in the future to reduce Italy's public debt, or to raise funds for tax cuts and increased spending. When a similar proposal was commented on by the ECB in 2019, it warned that any action limiting the autonomy of central banks (including the management of gold reserves) would be inconsistent with EU treaties. The ECB's Charter prohibits central bank officials from accepting instructions from EU institutions or member states. Maran denied that the coalition government plans to sell gold, stating that his party only seeks to eliminate the risk of the reserves being sold, without revealing specific details. He previously stated that this move aims to prevent the gold reserves from being used inappropriately in the future, stating that "even the Bank of Italy cannot dispose of gold casually." He added: "Setting reserves as collateral is one thing, but claiming ownership by others is a different matter." The formation of Italy's modern gold policy is closely related to its wartime experiences - the Nazi army, with the assistance of the Italian fascist regime, looted 120 tons of the country's gold reserves. By the end of World War II, Italy's gold reserves had been reduced to about 20 tons. During the post-war "economic miracle" period, Italy became an export-oriented economy, with a significant increase in foreign exchange inflows (especially in US dollars). The official website of the Bank of Italy shows that some of this foreign exchange was converted into gold. By 1960, Italy's gold holdings had risen to 1400 tons, including three-quarters of the "looted gold" recovered in 1958. Italy's national debt has now exceeded 3 trillion euros (about $3.49 trillion), with the proportion of debt to GDP expected to reach 137.4% next year. Calls for "selling gold to reduce debt" have been ongoing, but have not been approved. Giacomo Chiorino, market analysis manager at Banca Patrimoni Sella & C, stated: "Even selling half of the gold reserves would not solve Italy's debt problem." Some believe that selling gold bars could release funds for improving public services and benefiting the people, rather than letting gold sit idle in vaults. However, the Bank of Italy has no intention of selling gold. Italy has consistently refused to sell gold during financial downturns - even during the 2008 debt crisis, all reserves were retained. Salvatore Rossi, former Deputy Governor of the Bank of Italy, stated in his 2018 book "Gold" that "gold is like family silverware, like a precious watch from a grandfather, the last resort in times of crisis - any crisis that undermines international confidence in Italy can be supported by it." Stefano Caselli, Dean of the Bocconi University in Milan, said: "In today's reshaping of the world order, with market valuations reaching unprecedented highs, stablecoins, and the rise of digital assets such as cryptocurrencies, central banks hold the most popular asset in the world (gold). Choosing not to sell is the right decision."