The government has reformulated the wording of an amendment to the 2026 budget bill on Italy’s gold reserves, Economy Minister Giancarlo Giorgetti said on Monday.
Speaking to the Senate Budget Committee, Giorgetti said the revised text clarifies the role of the Bank of Italy’s gold holdings. The change follows concerns raised by the European Central Bank.
Earlier this month, the ECB questioned the original wording, which said the reserves belonged to the State on behalf of the Italian people. It said the legal basis for that wording was unclear and urged a rethink.
Giorgetti said the amendment now states that the gold reserves managed by the Bank of Italy belong to the Italian people. It also explicitly respects EU treaty rules on central bank independence.
“Without prejudice to the provisions of EU treaties, the gold reserves held by the Bank of Italy belong to the Italian people,” Giorgetti said. “We are fine with the ECB,” he added. “With this reformulation, we consider the issue closed.”
The amendment had triggered speculation that the government could use the gold reserves to cut public debt. Italy’s debt exceeds three trillion euros. The Bank of Italy holds around 2,452 tonnes of gold. At the end of 2024, the reserves were worth close to 200 billion euros. Gold prices have risen sharply this year.
The central bank has stressed that the reserves aim to strengthen confidence in Italy’s financial system and the euro. It said this role becomes more important during geopolitical or economic instability.
Late amendment of 3.5billion euros
Meanwhile, Prime Minister Giorgia Meloni’s government on Tuesday presented a late amendment to the 2026 budget bill worth 3.5 billion euros.
Giorgetti said the change brings total new measures in the budget to around 22 billion euros.
The amendment includes support for firms investing in energy, digitalisation and sustainability. It also covers incentives for special economic zones in less developed regions. Other measures involve private pension schemes, funding changes for the Messina Bridge project, and further revisions to Italy’s EU-funded recovery plan.
Parliament must approve the budget before the end of the year.
