The ECB has called on Italy to reconsider its $300 billion gold bill.

The European Central Bank (ECB) has told Italian parliament that it should reconsider the bill it presented, which claims that the central bank’s gold reserves “belong to the Italian people.” In its opinion published on Wednesday, it emphasized that the bill’s purpose is “unclear” and that the independent functioning of the Bank d’Italia must be preserved.

The Bank d’Italia, which has the world’s third largest national gold reserves, holds approximately $300 billion worth of assets with a stock of 2,452 tons; This amount corresponds to approximately 13% of Italy’s national production. The ECB’s warning could lead the government coalition to withdraw the clause added to next year’s budget that claims the gold reserves are public property. The institution gave its opinion on two separate requests submitted by the Italian Treasury Ministry on November 28 and December 1. The ECB, reminding that “neither the ECB nor national central banks can take instructions from any government” in the management of gold reserves, warned that removing gold or foreign exchange reserves from bank balance sheets risks circumventing the ban on public financing through the central bank. The Bank of Italy states that gold can be used as collateral if necessary, or as a last resort, sold to support the national currency. Prime Minister Giorgia Meloni’s party had previously removed the word “state” from the bill to lessen criticism of the ECB. The ECB also noted that Italian authorities should consult with the Bank of Italy before taking any steps to clarify the legal status of gold reserves. The opinion was published at a time when US President Donald Trump’s policies have increased concerns about the Fed’s independence in European capitals. Sources speaking to Reuters said that some central bankers are even considering pooling their dollar and gold reserves outside the US in case the Fed closes the liquidity line it provides to the ECB due to political influences.