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Your gold is ours, European Central Bank tells euro-zone countries
Countries Must Seek ECB Approval to Manage Gold Reserves, Draghi Says
By Francesco Canepa
Thursday, March 28, 2019
FRANKFURT, Germany -- The European Central Bank needs to approve any operation in the foreign reserves of euro zone countries, including gold and large foreign currency holdings, the ECB’s President Mario Draghi said today.
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"The ECB shall approve both the operations in foreign reserve assets remaining with the national central banks ... and member states' transactions with their foreign exchange working balances above a certain threshold," Draghi told two Italian members of the European Parliament.
"The purpose of this competence is to ensure consistency with the exchange rate and monetary policy of the Union."
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