Overview
- The European Central Bank issued a renewed negative opinion on the revised text, saying its concrete purpose remains unclear and inviting Italy to reconsider to safeguard Bank of Italy independence.
- The current draft states that the gold reserves belong to the Italian people and are managed autonomously by the Bank of Italy, leaving custody and accounting with the central bank unchanged.
- Economy Minister Giancarlo Giorgetti has written to the ECB to explain the proposal’s aims after earlier feedback noted the lack of an explanatory memorandum.
- A meeting between Giorgetti and ECB President Christine Lagarde could take place in Brussels this week, according to reporting on their schedules.
- Fratelli d’Italia is driving the initiative with League support, while critics and the ECB warn against any erosion of central-bank autonomy and note the measure’s largely symbolic effect.