In a report issued by the Pontifical Council for Justice and Peace on Monday, the Vatican called for an international authority, inspired by “charity and truth”, to oversee the global financial system. The document, which discusses growing inequality among people and countries, also calls for a financial transaction tax– which could be used to create a world reserve to support countries hit by financial crises. While many of the ideas in the paper have been tossed around by global regulators since the 2008 financial crisis, it adds a powerful voice to the “Occupy Wall Street” movement at a time of deep worry in the European Union and complex negotiations ahead of the G-20 summit next week. This report assesses key Vatican policy recommendations.
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