Italy’s central bank plans could break EU law – ECB

Bank of Italy
The Bank of Italy
Photo: Aleksandrasana/Wikimedia Commons

The European Central Bank (ECB) has challenged Italy’s government over two draft laws concerning the Bank of Italy and its gold reserves, saying they could break European Union law.

The draft laws are the latest sign of severe tension between Italy’s central bank and its coalition government, dominated by two populist parties.

One draft law specifies that the Bank of Italy, which already holds the government’s gold reserves, would in future do so “exclusively as a depositary”, the ECB said.

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