Frankfurt forces Rome gold backtrack
Plans by the Italian government to cover part of its deficit by taxing gold sales by the Bank of Italy at 6% have had to be substantially modified following a challenge by the European Central Bank (ECB).
In an opinion published on its website, the ECB argued that the plan, unveiled in June, would have undermined central bank independence and been tantamount to the Bank of Italy helping fund the public sector, illegal under European Union law.
Italy may still go ahead with the plan to tax
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