Pronouncements by the Roman Catholic Church are normally filled with enough nuance to set off great theological debates about what the words might actually mean.
But a statement released Monday with suggestions on how to repair the global “financial crisis” goes the other way. It abandons nuance in favour of concrete economic proposals that put the Church in the new territory of offering advice on creating new global institutions.
Note on Financial Reform from the Pontifical Council for Justice & Peace has quickly set off a debate about whether the Church is on the right track or is in way over its head on matters in which it has no real expertise or competence.
The document warns it would be an error to try to find solutions that are primarily of a technical nature, yet the Vatican offers highly technical solutions. It suggests the setting up of a new global economic authority to oversee relations between nations and a “central world bank” that would regulate the flow of international monetary exchanges.