The Vatican on Thursday said ten years on from the global financial crash, the world has missed the opportunity to build a fairer economic order.
The Vatican lamented Thursday in a new doctrine document called “Oeconomicae et pecuniariae quaestiones” (Economic and financial issues in Latin), it was released by the Congregation of the Doctrine of the Faith, with the approval of Pope Francis.
The Vatican City said there was an “occasion to develop a new economy, more attentive to ethical principles and a new regulation of financial activities neutralising the predatory and speculative dimensions”.
Instead, the world seems to have returned “to the heights of myopic egoism” which ignores “the concern not only to create, but also to spread wealth and eliminate the inequality so pronounced today”.
Calling for much tighter financial regulation, the document described the financial industry as “a place where selfishness and the abuse of power have the potential to harm the community beyond match”.
The pope has long been an outspoken critic of untrammelled capitalism, leading some of his right-wing opponents, especially in the US, to label him “a Communist”.
Thursday’s document recognised that “any economic activity is not able to be sustained in the long run if the freedom of initiative is not able to thrive”.
But, the Vatican added, “it is also evident that the markets, the powerful propeller of the economy, are not capable of governing themselves”.