Pope calls for a regulated financial sector; otherwise, it becomes pure speculation
Francis releases a video message with his intention of prayer for May. in it, the pontiff says: “financial speculation must be carefully regulated. Speculation. I want to underline that term. May finance be a form of service, and an instrument to serve the people, and to care for our common home!”
Vatican City (AsiaNews) – Pope Francis today released a video message in which he calls for the regulation of the financial sector; otherwise, it “becomes pure speculation driven by various monetary policies.”
In it, the pontiff offers his intention of prayer for the month of May through the Pope's Worldwide Prayer Network, describing the current economic situation as “unsustainable” and “dangerous.”
“The true economy, the one that creates work, is in crisis. How many people are now unemployed! — But the financial markets have never been as inflated as they are now.
“How far away is the world of high finance from the lives of ordinary people!
“If finance is unregulated, it becomes pure speculation driven by various monetary policies.
“This situation is unsustainable. And it is dangerous.
“So that the poor do not suffer painful consequences from this system, financial speculation must be carefully regulated.
“Speculation. I want to underline that term.
“May finance be a form of service, and an instrument to serve the people, and to care for our common home!
“We still have time to begin a process of global change to practice a different kind of economy, one that is more just, more inclusive and sustainable —and leaves no one behind.
“We can do this! And let us pray that those in charge of finance will work with governments to regulate financial markets and protect citizens from its dangers.”