Italy moves to claim control of its $300 billion gold reserves from European Central Bank.

Italy has taken a major step in a long-running debate over the ownership of its massive gold reserves, worth an estimated $300 billion, as lawmakers push forward a proposal to formally declare the gold as the property of the Italian state rather than the Bank of Italy or the European Central Bank (ECB).

The amendment, recently introduced by members of the ruling Brothers of Italy party, states that the country’s 2,452-ton gold stockpile is held “in the name of the Italian people.” Italy holds the third-largest gold reserves in the world, behind only the United States and Germany.

Supporters of the proposal argue that the measure is designed to protect national wealth and ensure that the reserves cannot be used for purposes that are not in Italy’s public interest. The amendment does not call for selling the gold but focuses on establishing legal ownership and control.

However, the move has triggered concerns within the European Union and among financial experts. Because Italy is part of the eurozone, its central-bank assets — including gold — are governed under the rules of the European System of Central Banks (ESCB). These rules require central banks to operate independently from political influence. Critics warn that reclassifying gold as state-owned could be seen as political interference, potentially violating EU treaties and undermining financial stability.

Economists also note that if the Italian government gains direct control over the reserves, markets may fear that the gold could eventually be used to support public spending or reduce debt — a move that could weaken investor confidence.

Despite the backlash, Italian lawmakers maintain that the objective is simply to clarify ownership, not to liquidate assets. They argue that the gold belongs to the nation and should legally reflect that status.

The proposal has revived a debate that has surfaced multiple times over the last decade, especially during periods of political tension between Rome and Brussels. As discussions continue, the issue is expected to spark further scrutiny from EU institutions and international financial analysts.

For now, Italy’s gold remains untouched, but the political message is clear: Rome wants stronger national authority over one of its most valuable financial assets.