Vatican Calls for Central World Bank

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Vatican Calls for Central World Bank


VATICAN CITY, Oct 24 (Reuters) – – The Vatican called on Monday for sweeping reforms of the world economy and the creation of a ethical, global authority to regulate financial markets as demonstrations against corporate greed continued to spring up in major cities across the globe.

An 18-page document from the Vatican’s Justice and Peace department said the financial downturn had revealed behaviours like “selfishness, collective greed and hoarding of goods on a great scale,” adding that world economics needed an “ethic of solidarity” among rich and poor nations.
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The Vatican called for the establishment of “a supranational authority” with worldwide scope and “universal jurisdiction” to guide economic policies and decisions.

Such an authority should start with the United Nations as its reference point but later become independent and be endowed with the power to see to it that developed countries were not allowed to wield “excessive power over the weaker countries”.

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