By Associated Press
VATICAN
CITY – The Vatican called Monday for
radical reform of the world’s financial systems, including the creation of a
global political authority to manage the economy.
A proposal
by the Pontifical Council for Justice and Peace calls for a new world economic
order based on ethics and the “achievement of a universal common good.” It
follows Pope Benedict XVI’s 2009 economic encyclical that denounced a
profit-at-all-cost mentality as responsible for the global financial meltdown.
The
proposal acknowledges, however, that a “long road still needs to be traveled
before arriving at the creation of a public authority with universal
jurisdiction” and suggests the reform process begin with the United Nations as
a point of reference.
Vatican
pronouncements on the economy are meant to guide world leaders as well as the
global church. United States Roman Catholic bishops, for example, have released
a voter guide for the 2012 election that highlights social concerns such as
ending poverty.
“It is an
exercise of responsibility not only toward the current but above all toward
future generations, so that hope for a better future and confidence in human
dignity and capacity for good may never be extinguished,” the document said.
It
highlights that reforms must assure that financial and monetary policies will
not damage the weakest economies while also achieving fair distribution of the
world’s wealth.
The
proposal also called for a “minimum, shared body of rules to manage the global
financial market,” lamenting the “overall abrogation of controls” on capital
movements.
While past
Vatican pronouncements have condemned unfettered capitalism, the latest
criticized “an economic liberalism that spurns rules and controls.”
It also
attacked “utilitarian thinking,” saying what is useful to the individual does
not always favor the common good.
