Towards Reforming the International Financial and Monetary Systems in the Context of Global Public Authority
October 24, 2011
The Pontifical Council for Justice and Peace released this letter in order to address the pressing question of macroeconomics and social justice. Drawing on the 1967 encyclical Populorum Progressio, the statement recognizes the harsh realities of the contemporary global financial crisis that struck in 2008, and that a multi-layered approach to reform is required to restore order. The document takes a proactive stance and views the dire state of the world economy as an opportunity for discerning a new approach to global finance. The council begins with an analysis of the present economic recession, the increasing polarization of wealth, and the potential for technological innovation to help ameliorate social ills. The document also calls for the creation of a supranational financial governing body that will oversee the ethical development of economic globalization, a proposition that has helped to make the letter very controversial.