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of a â€śglobal public authorityâ€ť and a â€ścentral world bankâ€ť to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.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