Sulla disponibilità della riserva aurea della Banca d'Italia

Moving from an analysis of the recent bills which provide that the Italian gold reserves shall be deemed to be owned by the State, the Article discusses the legal issues concerning the ownership of the Italian gold reserves. After reviewing, also in historical terms, the main elements which lead to identify the Bank of Italy as the legal entity which holds the reserves and manages them in order to guarantee monetary stability, the Article starts with a reflection on the meaning of “public goods”, and suggests to frame legal issues concerning the ownership of the gold reserves within the concept of the public goods. The Article emphasizes the value of the autonomy of the Bank of Italy and its independence in relations with the Treasury, and argues in favour of a dialogue on an equal footing between the independent Bank and the political realm. The Author further argues that that the general interest underlying the management of the gold reserves cannot but be coincident with that of the State. This means that both the State and the Bank of Italy have the task to pursue the general interest of monetary stability, and, in order to comply with the current framework of the European Treaties, shall make available the gold reserve to the European Central Bank.