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Pope Francis Modernizing Vatican Finances Amid Heavy Resistance

By:
Chris Gaetano
Published Date:
May 6, 2015
Pope_Francis_in_March_2013Pope Francis has been working to bring modern financial management to the Vatican's billions of dollars in assets, but the nature of his reforms has prompted heavy resistance within the Holy See, according to Bloomberg. Many of these reforms are things that are taken for granted at any other large organization—such as opening up the books to people other than the top leadership, following international accounting standards, and drafting annual financial reports—but are novelties for the center of the Catholic Church. And not all of them are popular within the Vatican. The Bloomberg article cites heavy resistance from the bureaucracy over changes to an institution that has existed with little transparency or oversight for literally hundreds of years, having made moves to limit reforms and reformers, including media leaks about Cardinal George Pell, who has been charged with the newly formed Secretariat for the Economy. None the less, the Bloomberg piece says Francis is dragging the Vatican, kicking and screaming if need be, into the modern era, an agenda that aligns well with his larger message of responsible capitalism. 

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