Pope Francis announced on Feb. 24 the creation of a new financial structure to coordinate and oversee the finances of the Holy See and Vatican City State. This was the latest move in the effort to reform the scandal-prone Vatican Bank and other financial institutions in Rome. The announcement comes after several days of meetings of both the council of eight cardinals, established by Pope Francis to advise on reform of the Roman Curia and governance of the universal church, and the committee of 15 cardinals that oversees the economic affairs of the Holy See. Cardinal George Pell of Sydney, Australia, will head a new Secretariat for the Economy, which will be responsible for annual budgets and have authority over all the Holy See’s administrative activities.

This article appears in March 10 2014.