Loading...
Loading...
Click here if you don’t see subscription options

The global financial crisis and the worldwide recession it triggered have demonstrated that allowing financial markets to regulate themselves does not serve national interests nor the good of the international community, according to Archbishop Silvano Tomasi, the Vatican’s permanent observer to U.N. agencies based in Geneva. Speaking on April 22 during a U.N. Conference in Doha, Qatar, Archbishop Tomasi said the 2008 financial crisis “marked a turning point for the world economy.” The subsequent global economic recession, he said, “eliminated at least 30 million jobs around the world.” As a result, “the enjoyment of fundamental economic and social rights by countless persons has been compromised, including the right to food, water, decent work, education and health.” He added, “The international community cannot let the financial system continue being a source of global economic instability; it must urgently take measures to prevent the outbreak of other financial crises in the future.”

Comments are automatically closed two weeks after an article's initial publication. See our comments policy for more.

The latest from america

Pope Leo XIV has appointed the French archbishop of Chambéry, Thibault Verny, as the new president of the Pontifical Commission for the Protection of Minors. He succeeds Cardinal Seán O’Malley, 81, the emeritus archbishop of Boston.
Gerard O’ConnellJuly 05, 2025
U.S. House Speaker Mike Johnson, R-La., speaks with other members of the House July 3, 2025, on Capitol Hill in Washington after final passage of U.S. President Donald Trump's sweeping spending and tax bill. (OSV News photo/Jonathan Ernst, Reuters)
“Deep cuts” to SNAP and Medicaid will “inflict real suffering on these families…. SNAP and Medicaid are not luxuries, they are lifelines for millions of children across our country.”
Kevin ClarkeJuly 03, 2025
It was one of the first times Leo has spoken unscripted at length in public, responding to questions posed to him by the children.
The Vatican has named the judges that will preside over the trial of disgraced Father Marko Rupnik.