Vatican calls for an authority to regulate financial markets to prevent abuse

THE CHURCH | 2018/05/17

The Vatican is calling for an impartial authority to regulate financial markets, so they do not create a greater poverty.

The Holy See is asking through an official document on ethics and financial markets, prepared by two large departments of the Curia: the Congregation for the Doctrine of the Faith, and the Dicastery for Promoting Integral Human Development. It has personally been approved by the pope and is entitled "Economic and Financial Issues."

 MSGR. LUIS LADARIA Prefect, Congregation for the Doctrine of the Faith
"It was not a direct assignment by the pope, but rather, it grew from concern and talk. We have to study this theme. The pope encouraged and supported the idea, but the idea of originally came from speaking to everyday people."

CARD. PETER TURKSON Prefect, Dicastery Integral Human Development
"The text does not begin referencing the Bible, but appealing to popular wisdom and different peoples. This appeals to what we are, first addressing our anthropological system and then morality. + FLASH 03:53 The document includes a large part about regulation. It speaks of how to introduce this in human activity, after the crisis." The Vatican calls on those who work in finance to play fair and not get rich at the expense of others, to "spread wealth and eliminate inequalities." The Holy See recalls that although speculation operations or offshore companies are legally viable, they pose serious ethical problems. The document proposes that an external authority prevent toxic products from entering the market and issue sanctions for those who don't comply. Two of Italy's leading finance experts explained the implications of the text.

LORENZO CAPRIO Catholic University of the Sacred Heart (Milan)
"The importance of regulating is emphasized, especially since it is already done in practice. And also reminds of the implications of this process for the common good."

LEONARDO BECCHETTI Universiy of Rome Tor Vergata
 "Fortunately, the world's wealth continues to grow. It is estimated that next year it will be 3.9 percent of global GDP. But there is a huge distribution problem because it doesn't mean that each of us will be 3.9 percent richer." Cardinal Turkson hopes that those who read it will not only appreciate the analysis of the crisis, but can help find realistic solutions.

CARD. PETER TURKSON Prefect, Dicastery Integral Human Development "Once, in the Deutsche Bundesbank, we presented a similar document. They liked the analysis of the moral and ethical causes of the crisis. But when we spoke about regulation, they didn't like it. They said that this area of human activity cannot be regulated." The Vatican has also requested that business schools include an ethics course in their study programs, so that their students do not renounce the dignity of the human person or the common good.


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