Vatican warns of anger at economic injustice

THE Vatican this week condemned the “idolatry of the market”, and warned of “a climate of growing hostility and even violence” if solu­tions were not found to economic injustice.

The Pontifical Council for Justice and Peace issued an 18-page docu­ment, “Reform of the international financial system with a view toward a general public authority”, on Mon­day.

The document states: “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.

“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.”

It said that a “supranational auth­ority” with “universal jurisdiction” should be set up to guide economic policies.

Christina Weller, an economist at CAFOD, said that the Vatican’s inter­vention, before the G20 summit in France next week, provided a “timely reminder to world leaders of the need for greater vision, greater col­laboration, and real reforms”.

She continued: “G20 leaders have not thrown out the old failed ortho­doxy of minimal government inter­vention in markets, and have not embraced their responsibility to re­orient economies to broader objec­tives of social and environmental well-being.

“As a result, they have not carried out the reforms needed to tackle the deficiencies of global markets . . . [and] will continue to deal with crisis after crisis, and the lessons of the global downturn will be lost.”