Last October the Pontifical Council for Justice and Peace — a body of the Roman Curia that advises the pope on the Global economy, among other things ssued “Towards Reforming the International Financial and Monetary Systems in the Context of Global Public Authority” .
The Church wanted to attract the attention of world leaders as they assembled to discuss ongoing turmoil in financial markets at the G-20 Summit in Cannes and to add its voice to those arguing for capital controls (such as the “Tobin tax”) to discourage international financial speculation.
In January, during his keynote speech for the New Year to diplomats accredited to the Holy See, Pope Benedict XVI reinforced the call for ethics in the global economy.
Samuel Gregg says “On the one hand, the Church advocates a world authority that manages globalization in the interests of economic justice. Yet it is equally committed to open markets, also as a matter of economic justice. Reconciling these two commitments will be a major test for Catholic social doctrine.”
Read Samuel Gregg’s Blog, The Vatican’s Calls for Global Financial Reform – The Future of the Church in the Financial Order
Brandeis University The Heller School
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