Catholic World News

Pope renews call for global financial authority

March 18, 2010

Today's worldwide financial crisis demonstrates the need for a new global economic system, Pope Benedict XVI told a group of visiting Italian entrepreneurs on March 18. Citing his social encyclical Caritas in Veritate, the Holy Father called for a system that will "focus on the person, whom Christ revealed in his profoundest dignity." He also repeated that encyclical's call for "the reform and creation of an international juridical and political order" to oversee the functions of the global economy.


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  • Posted by: montre5473 - Mar. 18, 2010 10:31 PM ET USA

    This violates the principle of subsidiarity. Countries must get away from fiat currencies that do not inflate. In the current catechism there is a sentence about a stable currency being a right. The World Bank, the Federal Reserve and other central banks are the reason for our financial disasters as well as the "too big to fail" practice. And I sure don't want to be ruled by a court that does not guarantee the rights that God gave me that are supposed to be protected by our Constitution.

  • Posted by: dover beachcomber - Mar. 18, 2010 10:01 PM ET USA

    I remain a great admirer of Pope Benedict, but on this issue he's going in the wrong direction. An "international juridical and political order" or a "global financial authority", would only realize the dreams of the world's socialist / progressive / statist leaders, who are no friends to Christ and His Church. Their forebears gave us the totalitarian horrors of the 20th century; Catholics have no business paving their way to new horrors for the 21st.

  • Posted by: annemarie - Mar. 18, 2010 9:34 PM ET USA

    What a disaster the creation of an “international juridical and political order” would be. The “order” would likely be as ineffective as the U.N. Economic chaos abounds in Europe; despots control money flow in many Asian and South American countries. The USA, with God’s help, will fully return to the Christian values of our Founding Fathers and once again become a true Democratic Republic. Americans are very charitable people with a long history of helping others. No “order” required!

  • Posted by: sarsok8679 - Mar. 18, 2010 6:03 PM ET USA

    This is a horribly bad idea.. it will lead to worldwide tyranny and destroy in the most profoundest manner the autonomy of individual nation states. As it is the IMF mandates the poorest of countries to legalized abortion. What would a global authority force on the world? What about subsidiarity?

  • Posted by: - Mar. 18, 2010 5:31 PM ET USA

    World Financial System? What happened to subsidiarity? There is no one in the world I respect as much as I respect Our Holy Father. Yet, I must assume Pope Benedict must be envisioning a "pie in the sky" hope. Humans remain under the cloud of Original Sin, and, as we have seen so far in this earthly population, greed is like a serious disease. To entrust any person or group of persons with such power is tantamount to financial suicide; a death sentence for the weak!

  • Posted by: adamah - Mar. 18, 2010 4:01 PM ET USA

    I'm not sure why he's arguing for this. Having one body with that much power could only go badly.