Vatican calls for new world bank, what about the IMF?
The Vatican calls fir a world financial authority are actually an advisory to the G20, which the Vatican believes has too much power and too little diversity to control the world finances. Also, the IMF does not fairly allow one vote per nation like the UN General Assembly. The Vatican essentially wants sound financial practice to be enforced throughout the world, and imposed on both the poor and the rich. The IMF makes poor nations have sound policies if they want funding, while nations like the USA endanger another financial Tsunami.
Did the Vatican call for this? Is it binding?
The Vatican's Justice and Peace Council/(department of sorts) compiled the document in question to suggest the G20 work on becoming more representative and on preventing bad financial functions, basing itself on the magisterium and financial information but in a non-binding, non-interfering advisory manner. It is intended for the G20 representatives, but not the faithful. It is merely a contribution, suggesting more representative and binding means of regulating financial markets in what it believes ought to be a manner governed by common sense and sound financial wisdoms.
The Vatican has never supported Capitalism that focuses on things and not the human person. To the Vatican, the world's greatest natural resources are its very human nations and peoples. It wants a capitalism that recognises this. To achieve this, it believe the UN structures, in a representative manner could be used to set up firmer regulations of financial markets, thus growing economies and peoples in a manner that can be kept up, to the benefit and fruits of all concerned.
The Vatican is neither, nor has ever been either left or right wing. Further, its work on such matters as finances here is generally pastorsl, interesting, useful, but not binding on the conscience.
It would seem the Vatican is violating subsidiarity?
The IMF and other bodies and nations, even financial advisors like Standard and Poors already govern markets internationally. The Vatican seems to be suggesting a framework in which smaller nations also have a voice in their own powers against the powerful. Laws applicable to all, can be useful. One must remember that any Public International Law, is not enforceable as domestic laws are, but rather is based on persuasion. Here, the Vatican is proposing a framework on a matter it believes requires higher international co-operation to insure safety in a global climate.
So is this binding on anyone?
No, further, while it purports to be based on an interpretation of the pope's understandings of economics and its interlacing with the worlds of religion, human essence, morality, mortality also: this is not the pope's document, nor necessarily even seen by the pope before publication. Further, it is not in a jurisdiction where the Vatican can be anything more than to be noted. It is merely a contribution to the G20 talks in order to assist delegates, using the financial expertise or knowledge of certain individuals associated with one of the Vatican's councils, in order to assist delegates. The document itself notes that this is not of the divine jurisdiction of the church's moral authority. It is a council/(governance department of the Vatican City State) of the church acting any errors in tact in the secular world of finances, the document's suggestions and equations of commerce: where applicable: ought be judged by us as judges on their merits if any relevant and applicable and based on their actual pragmatic, practical worldly based standard: worth in this case.