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Cardinals recommend overhaul of Vatican financial affairs

Catholic World News - February 19, 2014

The Council of Cardinals has submitted a proposal for a thorough reorganization of the Vatican’s financial affairs.

After three days of meetings, the eight cardinals advising Pope Francis on Vatican reforms have “formulated proposals to be presented to the Holy Father,” the director of the Vatican press office told reporters on February 19. The Vatican spokesman, Father Federico Lombardi, said that the proposals involved the Vatican bank, the Institute for Religious Works, and the financial agencies of the Vatican generally. Pope Francis will now weigh the proposed reforms.

The Vatican did not disclose the nature of the reforms suggested by the Council of Cardinals. But informed Vatican observers speculated that their proposals would call for the creation of a single office to supervise all of the financial dealings of the Vatican.

The Council of Cardinals had heard reports this week from the special commissions created by Pope Francis to study the Vatican’s financial affairs and the Vatican bank. The Council concluded its meetings on Wednesday with an announcement of the dates for its next meetings: April 28-30 and July 1-4.

Father Lombardi said that the Council had completed its study of financial affairs, but continued to weigh other changes in the Roman Curia.

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