Vatican Bank president calls for reindustrialization of US, Europe

February 27, 2012

Amid austerity measures following a recession marked by the indebtedness of “families, businesses, financial institutions, and states,” the president of the Vatican Bank foresees an end to the “delocalization” of industrial production.

“Europe and the United States, after years of productive delocalization must now be reindustrialized in order to sustain internal employment and to rediscover new competition,” writes Ettore Gotti Tedeschi. “ As soon as possible an effort will be made to reduce imports and to reimport production. Envisaging any other scenario would allow one to foresee social tensions difficult to handle.”

“The whole world must join forces if it is to emerge from the crisis and achieve an equitable distribution of wealth--which began with globalization--to be implemented without selfishness but rather with solidarity and justice,” he adds. “The global world cannot sustain further delocalization.”

 

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Further information:

• Editorial: The strategy of solidarity (L’Osservatore Romano)