Cardinal Parolin calls for reform of financial system to address ecological debt
June 23, 2025
Cardinal Pietro Parolin, the Secretary of State of His Holiness, called for a “significant” reform of the international financial system.
On June 21, during an event on ecological debt that was part of the Jubilee of Governments, the prelate lamented “the unjust disproportion between the environmental damage caused by rich nations, mainly in the global north, and the suffering endured by the poorest nations in the global south.”
“The commitment to reducing environmental impact is also a way to address financial debt,” he continued. “It is necessary to change the international financial architecture. Not only by inserting clauses that consider climate change in debt, but also by significantly reformulating the financial system.”
“Those who decide interest rates and the price of currencies are the central banks and private financial funds,” the prelate added. “The rules that establish the contracts are those of the countries where the stock exchanges are located.”
Mayor Roberto Gualtieri of Rome, Lazio governor Francesco Rocca, and Italian Sen. Mario Monti also spoke at the event on ecological debt.
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