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Vatican Suggestions for Financial Reform Debated

November 8th, 2011

Fr. Seamus Finn argues in The Wall Street Journal that global regulatory changes suggested by the Vatican could help the global financial system function more fairly:

“Robert A. Sirico’s “The Vatican’s Monetary Wisdom” (op-ed, Oct. 27) correctly praises the analysis of the causes of the financial crisis that was included in the Vatican’s statement on reforming the financial system. His summary dismissal of the suggested responses in the document clearly states that no sovereign or international regulatory authority is up to the task of regulating the major actors in the financial sector. Are we then to believe that they will do it themselves?

Haven’t we just experienced the consequences of deregulation, regulatory arbitrage and the capture of elected officials and assemblies by banks and industry associations? Greater cooperation, coordination and collaboration among sovereign regulators and authorities, as the Vatican suggested, is a step in the right direction if the public is to have a safe, stable and fair financial system that is worthy of their trust and their transactions.”

The Rev. Seamus P. Finn OMI

 

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