Pope takes radical financial and managerial moves to bring more transparency and integrity to clean up the Vatican’s scandal-plagued financial system. His restructuring plans include the creation of a Secretariat for the Economy which will report directly to the Pope and it will consist not only of members of the Church but also lay members ‘with strong professional financial experience’ from all over the world. According to the Vatican the new agency will
have authority over all economic and administrative activities within the Holy See and the Vatican City State.
The series of changes will be effective immediately thanks to the so-called Motio Proprio – Latin for ‘by his own imitative’- a document entitled ‘Faithful and Prudent Administrator’. A Vatican statement said the changes
will enable more formal involvement of senior and experienced experts in financial administration, planning and reporting and will ensure better use of resources, improving the support available for various program, particularly our works with the poor and marginalized".
On top of this, the Administration of the Patrimony of the Apostolic See (APSA) which is an existing economic department that manages financial holdings and real estate, will formally be turned into the Vatican’s central bank, assuming
all the obligations and responsibilities of similar institutions around the world".
The Pope is committed to changing the status quo and is extremely careful about who he does business with and how he conducts business. The Church must manage its possession and financial assets within the framework of its mission to help the poor.
The announcement of these ‘bold’ moves came at point when Pope Francis couldn’t get any more popular, considering the series of corruption scandals that challenged the integrity of the Catholic Church.
What do you think of Pope’s managerial moves? Will they be effective enough to restructure the murky financial system or will they prove a well-designed PR tactic?