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ECB gives cautious green light to League's bill on Bank of Italy gold reserves
The European Central Bank on Tuesday gave a substantial green light to a bill by Italy’s ruling League party which seeks to spell out that gold reserves held by the Bank of Italy belong to the state, and not the bank itself. The bill, tabled in February by the League’s economics chief Claudio Borghi, was strongly criticized by the opposition who said its aim was to allow the ruling coalition to potentially sell the gold to fix Italy’s public finance problems. Borghi denied this, saying he wanted to clarify the legal ownership of the gold, establish a question of principle and bring Italy’s situation in line ... (full story)