The Vatican & Global Economics

The Vatican has presented an economic recovery plan for global consideration, reported by Chisea, and it has stirred the interest of British Prime Minister Gordon Brown, who will host the G20 meetings in London in April.

An excerpt.

“ROMA, February 27, 2009 – He was the first to be surprised – Ettore Gotti Tedeschi, 63, a fervent Catholic with five children, professor of economics at the Catholic University of Milan and president in Italy of Banco Santander, one of the largest banks in the world:

"When I came up with the idea for a 'good bank' and wrote about it in 'L'Osservatore Romano', I never imagined that it would be picked up by the head of the World Bank, and even by English prime minister Gordon Brown."

“But that's exactly what happened. The idea that Gotti Tedeschi proposed last January 30 on the front page of the newspaper of the Holy See was forcefully echoed, in the February 19 issue of the same newspaper, by British prime minister Brown (in the photo), who that same day was received by Benedict XVI at the Vatican.

“It is a simple but revolutionary idea, proposed to the rich countries that are now in financial disarray: to invest a gigantic sum of money, not at home, but on behalf of poor countries, so that these may become the leaders of an economic boom to their own advantage and that of all. Over the span of a few decades, it would be the growth of poor countries that would repay the debt contracted by the rich countries, producing more wealth and prosperity.

“Further below on this page, the idea is explained in greater detail, as it gradually took shape in "L'Osservatore Romano": first with the article by Gotti Tedeschi, then with the surprising follow-up from Brown, and then with another article by the Italian economist and banker, who for the past year has been the economics commentator for the pope's newspaper.

“An important test of the future of this project will be the next G20, the summit of the twenty largest and richest countries in the world, scheduled for April 2.

“But something important is already happening. There is a growing and increasingly authoritative recognition of the fact that the economy cannot be driven by selfish interests alone – with the devastation that today is plain for all to see – but must also draw upon ethics. "Inspired by grace," Gotti Tedeschi says.

“In his view, Brown has received this inspiration, "with the humility of great men." Gotti Tedeschi is confident that the British prime minister will be listened to by the other powers that be: "And so I urge that Gordon Brown be nominated for the Nobel prize in economics."

“An evidence of the attention to the connection between economics and ethics came recently from Italian economy minister Giulio Tremonti. Last summer, he published a book entitled "La paura e la speranza [Fear and hope]," which ended up on Benedict XVI's desk. The pope also received the minister for a private audience. And Tremonti, inaugurating the new academic year at the Catholic University of Milan last November 19, cited a 1985 conference on ethics and economics given by Ratzinger, crediting him with prophesying long in advance, at that conference, the current global disaster. "What is coming true today," Tremonti said, "is the prediction according to which the decline of discipline in the economy, a discipline based on a strong ethical and religious order, would bring the laws of the market to collapse."