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.
Let us pray for global economic relief.