Vatican Calls for 'Central World Bank' to Be Set Up
Marcus
The Vatican called on Monday for the establishment of a "global public
authority" and a "central world bank" to rule over financial
institutions that have become outdated and often ineffective in
dealing fairly with crises.
A major document from the Vatican's Justice and Peace department
should be music to the ears of the "Occupy Wall Street" demonstrators
and similar movements around the world who have protested against the
economic downturn.
The 18-page document, "Towards Reforming the International Financial
and Monetary Systems in the Context of a Global Public Authority," was
at times very specific, calling, for example, for taxation measures on
financial transactions.
"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," it said.
It condemned what it called "the idolatry of the market" as well as a
"neo-liberal thinking" that it said looked exclusively at technical
solutions to economic problems.
"In fact, the crisis has revealed behaviors like selfishness,
collective greed and hoarding of goods on a great scale," it said,
adding that world economics needed an "ethic of solidarity" among rich
and poor nations.
"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.
It called for the establishment of "a supranational authority" with
worldwide scope and "universal jurisdiction" to guide economic
policies and decisions.
Such an authority should start with the United Nations as its
reference point but later become independent and be endowed with the
power to see to it that developed countries were not allowed to wield
"excessive power over the weaker countries."
Effective Structures
In a section explaining why the Vatican felt the reform of the global
economy was necessary, the document said:
"In economic and financial matters, the most significant difficulties
come from the lack of an effective set of structures that can
guarantee, in addition to a system of governance, a system of
government for the economy and international finance."
It said the International Monetary Fund (IMF) no longer had the power
or ability to stabilize world finance by regulating overall money
supply and it was no longer able to watch "over the amount of credit
risk taken on by the system."
The world needed a "minimum shared body of rules to manage the global
financial market" and "some form of global monetary management."
Here is the link
http://www.cnbc.com/id/45013499
--
Mr. Marcuszaua
M&R Officer
ADRA Myanmar, Kungyangon
*"If there is a will, there is a way".*
*" To Know all is to forgive all."*