Listers, the Pontifical Council on Justice and Peace released a document addressing the global financial crisis and called for ethical reform. Amongst their suggestions, they proposed a “world financial authority” that could regulate the global economy. Reaction to the document has been widespread in both media avenues and opinions.
Overall, it appears that most believe that the article gives a correct diagnosis of our current world economy; however, the idea of a world bank has been met with a myriad of different views, most segregated according to political beliefs. It does appear the idea of a global financial authority is simply asking the modern world for a product it cannot produce – in both integrity and morality.
It should also be stressed that the document is a “white paper” designed to steer the conversation before the G20 summit. It is not a doctrinally binding document from either the Magisterium or the Papacy.
Theology and justice reliefs on the facade of the National Library of Finland, sculpted by Carl Magnus Mellgren (1806 - 1886).
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Fr Z Repost: “A Near Total Absence of Thinking”
Rome Reports Video: The Vatican on Financial Reform
Going the Way of the World: Abstract Principles Don’t Grapple with the Real World
Vatican Calls for World Bank: The Action Institute on What the Left Misses
Pope Goes Global: Benedict XVI & the Economy
Vatican’s Call for Financial Reform: Right Diagnosis – Deadly Cure
Let us pray for global economic relief.
