Nov 1, 2008 / 15:58 pm
Archbishop Celestino Migliore, the apostolic nuncio leading the Holy See’s permanent observer mission to the United Nations, on Thursday addressed the global financial crisis, making a call for ethical responsibility and the use of lending only for truly productive investments.
A severe worldwide shortage of credit has resulted after speculation in U.S. real estate loan securities lost creditworthiness and possibly billions of dollars in value when housing prices deflated.
The archbishop said that his delegation endorses the views of economists and analysts who attribute the crisis to a lack of an effective regulatory system, a disregard for regulatory and supervisory structures, and a disregard for the rules of accountability and transparency.
However, Archbishop Migliore insisted that the causes of the crisis also involve immoral conduct, such as profiteering and unscrupulous pursuit of gain. He called for not only effective regulation, but “a high standard of ethical conduct on the part of financial leaders themselves.”