Vatican offices urge re-calibration of financial markets

Catholic News Agency | 5/17/2018 | Staff
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Vatican City, May 17, 2018 / 12:20 pm (CNA/EWTN News).- Two Vatican offices called Thursday for the development of new forms of economy and finance with regulations directed to the common good and respect for human dignity.

“It is especially necessary to provide an ethical reflection on certain aspects of financial transactions which, when operating without the necessary anthropological and moral foundations, have not only produced manifest abuses and injustice, but also demonstrated a capacity to create systemic and worldwide economic crisis,” read Oeconomicae et pecuniariae quaestiones, (Economic and financial issues), a document of the Congregation for the Doctrine of the Faith and of the Dicastery for Promoting Integral Human Development presented May 17.

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The document, signed Jan. 6, presents considerations for an ethical discernment of economics and finances, and argues that profit should not be an end in itself, but must be pursued with the goal of achieving greater solidarity and a more equitable distribution of wealth.

It presents fundamental considerations, such as the need for ethics for the economy to function correctly, and treats at length of specific ethical issues in financial and economic markets.

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It was presented during a press conference by Archbishop Luis Ladaria, prefect of the Congregation for the Doctrine of the Faith, and Cardinal Peter Turkson, prefect of the Dicastery for Promoting Integral Human Development.

Sitting alongside the prefects were professors Leonardo Becchetti from Rome’s Tor Vergata University and Lorenzo Caprio, from the Catholic University of Milan.

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Archbishop Ladaria said the aim of the document is to provide a correct anthropological vision for the current market, since “the common good has disappeared” from many areas of economics and finance.

According to Becchetti, the document also identifies a major problem in the global economy: “we have a growing global wealth, which is a good thing, but we have a huge problem of...
(Excerpt) Read more at: Catholic News Agency
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