Under the pressure of a huge national debt, the dispute over Italy's gold ownership is heating up.

According to the Finance and Economics APP, the European Central Bank has requested the Italian government to reconsider its proposal to declare the country's gold reserves as the property of the Italian people, a move that could ultimately lead to the Italian government selling some of its gold reserves. In a statement, the European Central Bank said, "It is suggested that Italian authorities reconsider the draft provision, taking into account the need to maintain the independence of the Bank of Italy in fulfilling its basic responsibilities within the European Central Bank system." The European Central Bank also added, "The specific purpose of this draft provision is not yet clear."