Vatican Asks Wall Street If Its Policies Have Been Really Serving Humanity And The Common Weal

The Justice and Peace Department of the Vatican has released a document that should make the protestors taking part in Occupy Wall Street happy

. The Vatican has been very specific in wanting overhauling of the global financial and monetary infrastructure against the backdrop of an international authority that will see to the interests of all nations.

The Vatican has warned that if the problem remains unanswered then the impact on society, politics and the economy will be dangerous. There will be escalation of hostility and violence that will ultimately attack the foundations of democracy.

Speaking to the press Cardinal Peter Turkson, the head of the department of Justice and Peace said, The people on Wall Street need to sit down and go through a process of discernment and see whether their role managing the finances of the world is actually serving the interests of humanity and the common good.

A call has been given for a supranational authority empowered to oversee universal jurisdiction for following economic policies and taking decisions.

Why did the Vatican feel that global economy needs to be reformed? The document explained that in matters pertaining to the economy and finance the main difficulties come because there are not effective set of structures that can ensure smooth running of the show.

The IMF did not any longer have the either the power or the capability to bring stability to global finance by regulating the total money supply. It was no longer capable to oversee and monitor the amount of credit risk taken on by the system.

The Vatican opined that the world required a minimum common set of rules to manage the global financial market; there should some to type of monetary management at the global level. This necessity is clearly emerging. A body should be set up to do the work of a sort of central world bank that would monitor the system of monetary exchanges that flow; it would be crafted on the lines of the central banks of the nations.

However the Vatican admitted in the document that it would take many years for this to become a reality and was sure to face hurdles and resistance. It would be inevitable that this body would grow at the cost of a gradual balanced transfer of a part of each nations powers to a world authority. But it is imperative that this change takes place keeping in tune with the global phenomenon brought about technological advances.

by: Julie Thompson

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