The European Central Bank urged Rome on Monday to reconsider a proposed amendment that would say the Bank of Italy's gold reserves belong to the Italian people, warning the move could jeopardise the central bank's independence.

Italy's gold reserves - the world's third-largest - are recorded on the central bank's balance sheet, and the law says the Bank of Italy manages them in line with EU rules, which forbid using the gold to fund government spending.

Lawmakers from Italy's ruling party have proposed an amendment to the 2026 budget law. Initially it said the central bank's gold belonged to the state, but they have revised that to say it belongs to the Italian people.