An 18-page document has recently been released by the Vatican’s Justice and Peace Department calling for the formation of a “global public authority” and a “central world bank” that would govern financial institutions which have turned non-operational and often useless in controlling the masses.
The document, called “Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” also disapproved of the so-called “idolatry of the market” and the “neo-liberal thinking” which is focused on providing only technical solutions to economic problems.
“The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence,” the document reads.
“In fact, the crisis has revealed behaviors like selfishness, collective greed and hoarding of goods on a great scale,” it further read, adding that the world economics depended on an “ethic of solidarity” among rich and poor nations.
“If no solutions are found to the various forms of injustice, the negative effects that will follow on the social, political and economic level will be destined to create a climate of growing hostility and even violence, and ultimately undermine the very foundations of democratic institutions, even the ones considered most solid,” the document stated.
In addition, Vatican’s Justice and Peace Department requires the founding of “a supranational authority” that would have a worldwide range and “universal jurisdiction” that would monitor economic policies and decisions.
The United Nations were suggested as a viable reference point for such an authority that would eventually become independent. This public body would also have the power to see to it that developed countries were not allowed to exert “excessive power over the weaker countries.”
A section of the document explaining why the Vatican deems a reform of the global economy was indispensable stated:
“In economic and financial matters, the most significant difficulties come from the lack of an effective set of structures that can guarantee, in addition to a system of governance, a system of government for the economy and international finance.”
The document also states that the International Monetary Fund (IMF) was no longer able to stabilize world finance by regulating overall money supply, or to watch “over the amount of credit risk taken on by the system.”
The world needed a “minimum shared body of rules to manage the global financial market” and “some form of global monetary management.”
“In fact, one can see an emerging requirement for a body that will carry out the functions of a kind of ‘central world bank’ that regulates the flow and system of monetary exchanges similar to the national central banks,” it read.
The document presented at a news conference also admitted that such a change would take time to be implemented and was likely to be opposed.
“Of course, this transformation will be made at the cost of a gradual, balanced transfer of a part of each nation’s powers to a world authority and to regional authorities, but this is necessary at a time when the dynamism of human society and the economy and the progress of technology are transcending borders, which are in fact already very eroded in a globalizes world.”