{"id":93499,"date":"2025-12-01T00:18:02","date_gmt":"2025-11-30T23:18:02","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=93499"},"modified":"2025-12-01T05:10:56","modified_gmt":"2025-12-01T04:10:56","slug":"italie-pozaduje-zpet-sve-zlato-rim-otevrene-zpochybnuje-autoritu-ecb","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/12\/01\/italie-pozaduje-zpet-sve-zlato-rim-otevrene-zpochybnuje-autoritu-ecb\/","title":{"rendered":"It\u00e1lie po\u017eaduje zp\u011bt sv\u00e9 zlato: \u0158\u00edm otev\u0159en\u011b zpochyb\u0148uje autoritu ECB"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><strong><span dir=\"auto\">Komu pat\u0159\u00ed zlat\u00e9 rezervy zem\u00ed EU? \u0158\u00edm se bou\u0159\u00ed proti Evropsk\u00e9 centr\u00e1ln\u00ed bance a chce za\u0159adit n\u00e1rodn\u00ed zlat\u00e9 rezervy mezi st\u00e1tn\u00ed aktiva. To vyvol\u00e1v\u00e1 ve Frankfurtu nespokojenost.<\/span><\/strong><\/p>\n<p><span dir=\"auto\">It\u00e1lie zost\u0159uje sv\u016fj postoj ve\u00a0<\/span><a href=\"https:\/\/www.reuters.com\/business\/finance\/italy-presses-ahead-with-claim-central-banks-300-billion-gold-pile-2025-11-27\/\"><span dir=\"auto\">sporu o sv\u00e9 n\u00e1rodn\u00ed zlat\u00e9 rezervy<\/span><\/a><span dir=\"auto\"> a nyn\u00ed s obnovenou jasnost\u00ed po\u017eaduje sv\u00e9 pr\u00e1vo na st\u00e1tn\u00ed vlastnictv\u00ed akci\u00ed Banca d&#8217;Italia. To je politick\u00e1 ur\u00e1\u017eka Evropsk\u00e9 centr\u00e1ln\u00ed banky. Meloniov\u00e9 vl\u00e1da signalizuje ochotu \u0159e\u0161it jedno z nejcitliv\u011bj\u0161\u00edch tabu v euroz\u00f3n\u011b: \u200b\u200bot\u00e1zku, zda v p\u0159\u00edpad\u011b pochybnost\u00ed pat\u0159\u00ed zlato ulo\u017een\u00e9 v zemi \u0158\u00edmu nebo Frankfurtu.<\/span><\/p>\n<p><strong><span dir=\"auto\">Italsk\u00e9 zlat\u00e9 rezervy, p\u0159esahuj\u00edc\u00ed 2 400 tun, pat\u0159\u00ed k nejv\u00fdznamn\u011bj\u0161\u00edm na sv\u011bt\u011b.<\/span><\/strong><span dir=\"auto\">\u00a0Jejich tr\u017en\u00ed hodnota se odhaduje na zhruba 300 miliard dolar\u016f, co\u017e z It\u00e1lie d\u011bl\u00e1 t\u0159et\u00edho nejv\u011bt\u0161\u00edho dr\u017eitele zlata po USA a N\u011bmecku. Tato ot\u00e1zka je po l\u00e9ta pr\u00e1vn\u011b zamrzl\u00fdm minov\u00fdm polem, proto\u017ee ECB trv\u00e1 na tom, \u017ee a\u010dkoliv se n\u00e1rodn\u00ed zlato fyzicky nach\u00e1z\u00ed v dan\u00e9m \u010dlensk\u00e9m st\u00e1t\u011b, je politicky a funk\u010dn\u011b sou\u010d\u00e1st\u00ed Eurosyst\u00e9mu. \u0158\u00edm s t\u00edm nesouhlas\u00ed a zd\u016fraz\u0148uje, \u017ee zlat\u00e9 rezervy jsou v podstat\u011b st\u00e1tn\u00edm majetkem, kter\u00fd pouze spravuje n\u00e1rodn\u00ed centr\u00e1ln\u00ed banka.<\/span><\/p>\n<p><span dir=\"auto\">ECB ji\u017e d\u0159\u00edve varovala, \u017ee takov\u00e9 legislativn\u00ed zm\u011bny nebo form\u00e1ln\u00ed ur\u010den\u00ed vlastnictv\u00ed by mohly naru\u0161it nez\u00e1vislost centr\u00e1ln\u00edch bank zakotvenou ve Smlouv\u011b o EU. Tato ot\u00e1zka je obzvl\u00e1\u0161t\u011b citliv\u00e1, proto\u017ee nez\u00e1vislost centr\u00e1ln\u00edch bank je pova\u017eov\u00e1na za z\u00e1kladn\u00ed k\u00e1men stability eura. Jakmile by si st\u00e1t n\u00e1rokoval p\u0159\u00edm\u00fd p\u0159\u00edstup k aktiv\u016fm sv\u00e9 n\u00e1rodn\u00ed banky, d\u016fv\u011bra v neutralitu eurosyst\u00e9mu by byla okam\u017eit\u011b ohro\u017eena.<\/span><\/p>\n<p><span dir=\"auto\">Bank\u00e9\u0159i ECB ve Frankfurtu to vn\u00edmaj\u00ed jako vm\u011b\u0161ov\u00e1n\u00ed fisk\u00e1ln\u00ed politiky do m\u011bnov\u00fdch rezerv a rozhodnut\u00ed v oblasti m\u011bnov\u00e9 politiky.\u00a0<\/span><strong><span dir=\"auto\">\u0158\u00edm na druhou stranu tvrd\u00ed, \u017ee se jedn\u00e1 pouze o objasn\u011bn\u00ed toho, co je ji\u017e samoz\u0159ejm\u00e9: \u017ee zlat\u00e9 rezervy pat\u0159\u00ed suver\u00e9nn\u00edmu st\u00e1tu,<\/span><\/strong><span dir=\"auto\">\u00a0a nikoli evropsk\u00e9 instituci, kter\u00e1 je nad\u0159azena n\u00e1rodn\u00ed suverenit\u011b.<\/span><\/p>\n<p><span dir=\"auto\">V It\u00e1lii se tato ot\u00e1zka opakovan\u011b objevuje ji\u017e l\u00e9ta. Konflikt se zost\u0159il nejpozd\u011bji od reformy pravidel pro zlato v r\u00e1mci Basel III. Nyn\u00ed p\u0159ijat\u00e9 zn\u011bn\u00ed je proto m\u00e9n\u011b technick\u00fdm up\u0159esn\u011bn\u00edm ne\u017e strategick\u00fdm vzkazem pro Frankfurt: Zlato je v It\u00e1lii a v p\u0159\u00edpad\u011b pochybnost\u00ed rozhoduje It\u00e1lie.<\/span><\/p>\n<p><span dir=\"auto\">Politick\u00e1 symbolika, kter\u00e1 se za t\u00edm skr\u00fdv\u00e1, je obrovsk\u00e1. Zlato po stalet\u00ed slou\u017e\u00ed jako kone\u010dn\u00e1 z\u00e1ruka stability st\u00e1tu. Kdy\u017e se vl\u00e1da ve\u0159ejn\u011b odvol\u00e1v\u00e1 na tento z\u00e1klad, obvykle tak \u010din\u00ed ledabyle. Meloniho vl\u00e1da signalizuje, \u017ee si je v\u011bdoma rizik rozpadu eurosyst\u00e9mu a upravuje svou pozici jak pr\u00e1vn\u011b, tak politicky.<\/span><\/p>\n<p><span dir=\"auto\">Toto je tak\u00e9 vn\u00edm\u00e1no jako pokus o zm\u011bnu rovnov\u00e1hy sil v r\u00e1mci m\u011bnov\u00e9 unie. Kdokoli ovl\u00e1d\u00e1 zlat\u00e9 rezervy, m\u00e1 v p\u0159\u00edpad\u011b krize moc znovu z\u00edskat finan\u010dn\u00ed a m\u011bnovou nez\u00e1vislost. Pro ECB p\u0159edstavuje tento krok v\u00e1\u017en\u00fd \u00fatok na princip centralizovan\u00e9 kontroly rezerv. Eurosyst\u00e9m funguje pouze tehdy, pokud \u010dlensk\u00e9 st\u00e1ty akceptuj\u00ed, \u017ee m\u011bnov\u00e9 rezervy jsou organizov\u00e1ny spole\u010dn\u011b a spravov\u00e1ny nez\u00e1visle.<\/span><\/p>\n<p><strong><span dir=\"auto\">Pokud jedna z nejv\u011bt\u0161\u00edch zem\u00ed euroz\u00f3ny ve\u0159ejn\u011b prohl\u00e1s\u00ed, \u017ee sv\u00e9 rezervy pova\u017euje za politick\u00fd zdroj, mohlo by to vytvo\u0159it precedent.<\/span><\/strong><span dir=\"auto\">\u00a0Ostatn\u00ed st\u00e1ty s vlastn\u00ed ekonomickou z\u00e1t\u011b\u017e\u00ed by mohly n\u00e1sledovat jej\u00ed p\u0159\u00edklad a tak\u00e9 p\u0159edefinovat svou suverenitu v oblasti rezerv. Tomuto sc\u00e9n\u00e1\u0159i se ECB sna\u017e\u00ed zabr\u00e1nit.<\/span><\/p>\n<p><span dir=\"auto\">Bez zlat\u00fdch rezerv jako technick\u00e9 z\u00e1lohy ztr\u00e1c\u00ed Eurosyst\u00e9m kl\u00ed\u010dov\u00fd pil\u00ed\u0159. ECB, kter\u00e1 nyn\u00ed disponuje rozs\u00e1hl\u00fdmi pravomocemi, je odhodl\u00e1na tento mocensk\u00fd boj vyhr\u00e1t. V s\u00e1zce je autorita instituce na finan\u010dn\u00edch trz\u00edch.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1185\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2021\/04\/kuryr-podpis.png\" alt=\"\" width=\"84\" height=\"24\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Komu pat\u0159\u00ed zlat\u00e9 rezervy zem\u00ed EU? \u0158\u00edm se bou\u0159\u00ed proti Evropsk\u00e9 centr\u00e1ln\u00ed bance a chce&#8230;<\/p>\n","protected":false},"author":2,"featured_media":93500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[528,2616,41,191,693],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/93499"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=93499"}],"version-history":[{"count":1,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/93499\/revisions"}],"predecessor-version":[{"id":93501,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/93499\/revisions\/93501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/93500"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=93499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=93499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=93499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}