Two weeks ago, ECB President Mario Draghi issued a statement confirming that the European Central Bank needs to approve any operation in the foreign reserves of euro zone countries, including gold holdings.
At the time the statement did not seem particularly notable, but now things are starting to make more sense as The Wall Street Journal reports.
Italy’s ruling populists pushed ahead this week with efforts to seize control of the central bank and its gold reserves. This is apparently as a result of hundreds of thousands of small individual investors who have lost billions of dollars after several Italian banks failed in recent years.
The anti-establishment ‘5 Star Movement’ and the nationalist ‘League’, depict the central bank as a symbol of a technocratic elite aloof from the needs of ordinary Italians.