Matteo Salvini Talks Up Seizing Control of Italy’s Gold Reserves

Matteo Salvini has raised the possibility of wresting control of Italy’s sizeable gold reserves away from the country’s central bank in the latest in a series of threats to the independence of the Bank of Italy by Rome’s populist coalition, the Financial Times reported. “The gold is the property of the Italian people, not of anyone else,” Mr Salvini, deputy prime minister and leader of the League party, said in comments to reporters on Monday. The comments came after he called for the removal of the leadership of the Bank of Italy for failing to prevent the country’s banking crisis, prompting Giovanni Tria, economy minister, to defend the independence of the central bank. Italian media reports have suggested that the coalition government, formed of Mr Salvini’s anti-migration League and the anti-establishment Five Star Movement, were considering using part of the central bank’s gold to fund their spending plans. Mr Salvini said he had not studied the notion of selling Bank of Italy reserves to fund additional government spending in detail, but that “it may be an interesting idea”. Read more

Location