Budget law, amendment on Bank of Italy gold changes: FdI reformulates text

Rome, 3 Dec. (LaPresse) – The amendment by Brothers of Italy to the budget law, which aims to establish that the gold reserves of the Bank of Italy belong to the people and which, according to yesterday’s Financial Times report, would be under evaluation by the ECB, has been changed. In the reformulation, as stated in the circulated dossier, it becomes an authentic interpretation: it specifies that “the second paragraph of Article 4 of the Consolidated Law on currency matters, referred to in the Presidential Decree of 31 March 1988, No. 148” (which provides that “the Bank of Italy manages the official reserves in accordance with the provisions of Article 31 of the Statute of the European System of Central Banks and of the European Central Bank”) “is to be interpreted to mean that the gold reserves managed and held by the Bank of Italy belong to the Italian People.”