February 8, 2012

The Vatican vs. Global Finance

Samuel Gregg, Foreign Affairs

AP Photo

Last October, a bold proposal to reform the global financial system came from an unexpected source: the Catholic Church. As the eurozone teetered on the brink of economic chaos, the Pontifical Council for Justice and Peace -- a body of the Roman Curia that advises the pope on economic justice, peace, and human rights -- issued "Towards Reforming the International Financial and Monetary Systems in the Context of Global Public Authority" (more simply called the "Note"). The Council's goal in publishing it was explicit: 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...

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TAGGED: Catholic Church, Vatican, global economy


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