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Catholics must understand financial systems in order to influence fiscal policy positively, says Pope Francis.
During a meeting on 3 June with participants of a sustainable finance conference, the Pope emphasised the need for Catholic social teaching to critique, comprehend and improve financial structures.
The Church’s social teaching to serve as a “compass” in this area,
However, for the financial compass to work, it is “necessary not just to admonish but to understand the workings of finance, identify weaknesses and propose concrete corrective measures” the Pope stressed.
The Pope commended the conference’s aim to blend efficiency and effectiveness with holistic sustainability, inclusivity and ethics in dialogue with finance leaders.
Decrease inequality
Drawing on historical examples, Francis referenced 16th-century Spanish theologians who criticised the wool trade for underpaying shepherds.
Francis said the Spanish theologians deep knowledge of the financial systems enabled them to advocate for fairer practices.
“The Spanish theologians were able to intervene” he said.
“Because they knew that process, and therefore they did not just say: “we must seek the common good”; they explained what was wrong and called for specific action.
“It is up to you to figure out how to make inequality decrease” Pope Francis urged the scholars.
“Money should serve, not rule”.
“You understand financial processes and that is your great advantage, but also a significant responsibility” Pope Francis told his visitors.
He reiterated his 2013 message from “Evangelii Gaudium” saying “Money should serve, not rule”.
The Pope concluded by urging financial experts to consider the impact of their reforms on the poorest.
He stressed that financial reform should aim to improve the lives of those struggling for a dignified existence.
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