ECB Against Taxation Of Bank Of Italy's Gold Reserves -Report

European Central Bank president Jean-Claude Trichet said Thursday the ECB is against Italy's plan to tax its central bank's gold reserves, reports La Repubblica in its Friday Internet edition.

The idea of taxing gold reserves of central banks is "totally negative," he was quoted by the paper as saying. It "raises serious concerns."

Last week, Italian senators approved a government decree aimed at stimulating the economy, which included a 6% tax on gold reserves of the Bank of Italy.

However, the government said the tax will be effective if the ECB and Italian central bank favor it.