The European Central Bank on Tuesday gave a substantial green light to a bill by...
ROME - The European Central Bank on Tuesday gave a substantial green light to a bill by Italy’s ruling League party which seeks to spell out that gold reserves held by the Bank of Italy belong to the state, and not the bank itself.
Borghi denied this, saying he wanted to clarify the legal ownership of the gold, establish a question of principle and bring Italy’s situation in line with those of other EU states. One change it requested to the bill was the removal of a reference to the Bank of Italy holding the gold in terms of “an exclusive title of deposit”.
Borghi told Reuters the ECB’s opinion was a “victory” and said he would “think about changing” the wording on the “exclusive title of deposit” as the bank requested. He added that this did not change the substance of his bill.
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