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Italy, war over gold and banks: Fratelli d'Italia ignites clash with financial system
What connects Italy's tense banking landscape, control over the state's gold reserves, and the economic agenda of Giorgia Meloni's government? More than meets the eye.
A political and ideological "red thread" connects all these aspects, which have exploded publicly after the decision of Fratelli d'Italia to introduce a new amendment to the Budget Law: declaring gold as the property of the "Italian people" and not of the Bank of Italy, which currently holds 2,452 tons of gold.
This proposal is not simply populist symbolism, it is a political message to Italian banks, with which the government is engaged in a silent but intense confrontation.
According to a dossier prepared by the FdI parliamentary group, previously published by ANSA, there are foreign interests in the Bank of Italy that pose a risk to national sovereignty over gold reserves. This risk is presented on two levels.
The first concerns the ownership of the central bank's capital: among the 175 shareholders, large entities such as Banca Nazionale del Lavoro (owned by BNP Paribas) and Credit Agricole Italia are mentioned, both with 2.8% of the capital. Although small shares, they are seen by the government as symbolic of the penetration of foreign influence into the Italian financial system.
Numerous representatives of the Meloni government, often behind the scenes, have criticized foreign funds that own large parts of Italian banks, especially in the case of Unicredit, where giants such as BlackRock and Allianz are present.
Last year, Deputy Prime Minister Matteo Salvini openly stated: “Unicredit has nothing Italian anymore – it has become a foreign bank.”
A statement criticized by experts for confusing the ownership of capital with the legal seat of the company. But the political signal was clear: the Italian state fears that it is no longer controlling its banking system.
Gold as a guarantee for financial sovereignty
In this context, control over gold reserves is seen by Fratelli d'Italia not only as a symbolic issue, but also as a shield for public finances. Meloni's party fears that "Italian" banks could increasingly become European structures, with a focus abroad, leaving the state without influence over financial stability and public debt management.
Previous cases, such as the blocking of the Unicredit–Banco BPM merger, or the clash for control of Mediobanca and Generali, demonstrate the government's ongoing efforts to preserve "economic sovereignty."
Ironically, efforts to prevent foreign intervention have had the opposite effect. For example, while Rome blocked internal moves, it did not stop the progressive acquisition of Banco BPM by the French Credit Agricole, and after the clash over Mediobanca, big players like BlackRock, now also positioned in Monte dei Paschi di Siena, have re-entered the scene.
A governance model based on the fear of losing control
Overall, the Meloni government's model for Italian finance appears to be very focused on the concept of "control": control over banking capital, control over strategic reserves such as gold, control over financial consolidation processes. A line that carries the political fear of losing influence in a system where the ruling right has no deep roots.
But a financial system cannot be managed solely by emotions and symbolism. Actions like the intervention in gold ownership, if not communicated carefully, could instill fear in the markets, create legal uncertainty and hinder the path to economic recovery and Italy's access to international capital markets. /Adapted from "Pamphlet" by "Inside Over"
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