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Press Conference in the Holy See's Press office where the new document was unveiled to journalists. Press Conference in the Holy See's Press office where the new document was unveiled to journalists. 

Vatican Document: Money must serve, not rule

Entitled ‘Oeconomicae et pecuniariae quaestiones: Considerations for an Ethical Discernment regarding Some Aspects of the Present Economic-Financial System’ the new document has been prepared by two major offices of the Holy See.

By Susy Hodges

The 15-page page document, jointly prepared by the Congregation for the Doctrine of the Faith and the Dicastery for the Promotion of Integral Human Development, was unveiled on Thursday at a news conference in the Holy See's Press Office.

Love for integral good: the key to authentic development

The document begins by stressing the Church’s concern for the integral development of every person, saying “Love for the integral good, inseparable from love for the truth, is the key to authentic development.”

Turning to the state of the world’s economy, the document calls for more regulation of markets and financial systems, saying economic crises show they are not able to govern themselves and need a strong injection of morality and ethics.  It also urges universities and business schools to educate the next generation of business leaders about ethics and not just profits.

The document goes on to say that profit for the sake of profit and not for the greater good is “illegitimate” and condemns what it called a “reckless and amoral culture of waste” that has marginalized "great masses of the world’s population, deprived them of decent labour and left them without any means of escape.”

Obsolete criteria continue to govern the world

The document also expresses regret over what it calls a failed opportunity to correct the failings within the world’s economic-financial systems.

“The recent financial crisis could have been the occasion to develop a new economy, more attentive to ethical principles, and a new regulation of financial activities that would neutralize the predatory and speculative tendencies and acknowledge the value of the actual economy."

Whilst acknowledging “many positive efforts at various levels,” the document speaks of its regret that “there does not seem to be any inclination to rethink the obsolete criteria that continue to govern the world.”

On the contrary, it writes, “the response seems at times like a return to the heights of myopic egoism” that excludes any consideration of the common good or a concern “to spread wealth” and eliminate “the inequality so pronounced today.”

Money must serve, not rule!

What is at stake, said the document, is the authentic well-being of a majority of the men and women of our planet who are at risk of being “excluded and marginalized” from development whilst “a minority exploits and reserves for itself substantial resources and wealth.”

Warning that “selfishness makes everyone pay a high price," the document says that if we want “the real well-being of humanity, Money must serve, not rule!”

17 May 2018, 15:27