Italy's gold reserves belong to
the Bank of Italy and safeguard the national currency, Premier
Giuseppe Conte said Thursday.
Conte was replying to a question on a suggestion from Deputy
Premier Matteo Salvini that the reserves might be used to
bolster Italy's public finances.
Earlier this month Interior Minister Salvini said that the
Bank of Italy's gold reserves are "the property of the Italian
people, not of anyone else".
He was commenting following reports that the government was
considering using the central bank's gold to avert a rise in
value-added tax that is scheduled to kick in unless alternative
sources of budget coverage can be found.
The VAT hikes would take place if so-called 'safeguard
clauses' are triggered.
These would be triggered if unexpected budgetary needs arise,
according to European Union economic rules laid down in the
Stability and Growth Pact.
Salvini said he must look into to the idea of using the Bank
of Italy's gold reserves to "sterilise" the possible budget VAT
hikes.
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