In order to overcome the crisis, the Vatican has authority to establish a “universal jurisdiction” to coordinate the efforts of global financial institutions, we read in a report released by the Pontifical Council for Justice and Peace on Monday.
“We need to create an organization that will act as a global central bank in charge of regulating financial flows and the system of monetary exchange, like the national central banks,” said the report “Reform of the international financial system in the prospect of a public authority to universal jurisdiction. ”
At the same time, the Vatican believes that the role of existing financial institutions such as the European Central Bank should be strengthened.
The Holy See also warns against “idolatry of the market” and “neo-liberal ideology” and criticizes the “attitudes of selfishness and greed collective” the economic crisis has revealed.
“If no remedy is given to various forms of injustice, the negative effects that will follow (…) are likely to generate a climate of growing hostility and even violence to undermine the foundations of democratic institutions , “the report said.