almost five months of your choice, the Pope Leo XIV He ordered his first major modification in economic matters within the Vatican. Through a apostolic letter in the form of “motu proprio”titled “Coniuncta Cura” (“Joint Care”), the American pontiff revoked the exclusivity of the Institute for Works of Religion (IOR)known as the Vatican bankin investment management.
In this way, the Pope repealed a measure implemented by Francis he August 23, 2022which gave the IOR absolute control over the financial operations of the Holy See. The new decree returns to the Administration of the Patrimony of the Apostolic See (APSA) the power to invest funds, promoting cooperation between the different Vatican organizations.
“Co-responsibility in communion is one of the principles of the service of the Roman Curia, just as Pope Francis wanted“, explained Leo XIV in the text signed on September 29 and published this Monday. According to the document, the objective is “precisely define the roles and competencies of each institutionpromoting mutual collaboration in financial management.”
Coordination between organizations and control of the Investment Committee
The new regulatory framework eliminates a rescriptum of Francis that interpreted article 219 of the apostolic constitution Praedicate Evangeliumwhich reformed the Roman Curia. From now on, the financial investments of the Holy See must respect the provisions of the Investment Committeein charge of approving the Investment Policy.
“APSA generally uses the internal structure of the IOR to carry out operations, unless the competent bodies determine that it is more efficient to resort to external financial intermediaries”, details the papal text.
The decision was based on the “unanimous recommendations” of the Council for the Economy and in consultations with “experts in the field”, as stated in the motu proprio.
Continuity and review of Francisco’s economic legacy
Since his arrival to the pontificate in 2013, Francis had driven a deep reform of the vatican financial systemmarked by the creation of the Secretariat for the Economystrengthening the mechanisms of transparency and the supervision of the IOR, an entity historically questioned for its scandals.
The new decree of Leo XIVwhich limits the bank’s powers, was received positively within the Vatican. “This corrects dysfunctions and maintains the spirit of the Praedicate Evangelium“, indicated sources close to the Holy See, recalling that the 2022 measure “It was poorly written and generated confusion in practical application”.
The word of Leo XIV
In an interview with the journalist Elise Allen for his biography “Leo XIV, citizen of the world, missionary of the 21st century”, the pontiff assured that the economic reform initiated by Francis I had to continue.
He argued that the Vatican financial crisisaggravated by the pandemic and some bad investments, “It was not as serious as had been thought.” and that the main challenge lay in improving communication between the different entities.
“During Francis’ time, important steps were taken to strengthen financial checks and balances. The results are being seen, although we still have to continue working. It doesn’t keep me awake, but it is key to communicate a different message”said the Pope.
Furthermore, he revealed that he held a meeting with the Economy Councilan organization created by Francis to strengthen financial supervision, where “Everyone agreed that the main weakness was communication.”.
The Spanish Jesuit Juan Antonio Guerrero Alveswho served as prefect of the Secretariat for the Economy between 2019 and 2022coincided with the diagnosis of Leo XIV. In an article published in Digital Religionpointed out that “The Vatican’s most serious problem is not a lack of resources, but a question of internal organization and communication”.
According to Guerrero Alves, the three entities that manage the financial resources —Holy See, Vatican City State and IOR— “they do not always fully cooperate or trust each other”, which reflects a “culture of institutional disarticulation within the Curia”.
Source: Ambito
