Vatican calls for 'central world bank' to rule over financial institutions
The Vatican called on Monday for the establishment of a âglobal public authorityâ and a âcentral world bankâ to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises. The document from the Vaticanâs Justice and Peace department should please the âOccupy Wall Streetâ demonstrators and similar movements around the world who have protested against the economic downturn.
âTowards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,â was at times very specific, calling, for example, for taxation measures on financial transactions. âThe 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,â it said.