Mendoza School of Business

Vatican releases ‘strange remedy’ to global financial crisis

Published: October 24, 2011 / Author: Charles Lewis

The following is an excerpt from a National Post article that quotes Father Oliver Williams about the statement released by the Vatican on how to repair the global financial crisis. Father Williams states that the document is meant to force readers into thinking about the world’s economic problems, especially that of extreme poverty. To read the entire article visit: Vatican releases ‘strange remedy’ to global financial crisis

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.


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