Financial expert backs Vatican proposal for global authority
Edward Hadas
Edward Hadas
By David Kerr
Facebook Twitter Google+ Pinterest Addthis

.- A leading financial expert is backing the Vatican’s proposal for a global financial authority.
“It is right for the Vatican to set out a marker of how the world should and perhaps sometime could be,” Edward Hadas remarked to CNA.
Hadas’ comments follow the Oct. 24 publication of a 20-page document by the Pontifical Council for Justice and Peace advocating a new global authority which, it hopes, can make economic decisions based on the international common good rather than individual national interest.
“Some American students of the Vatican see a great split between Left and Right, but this document does not suffer from that tension,” said Hadas.

He views the document as having a “consistent view” in suggesting that “the world needs a stronger political order, a more ethical orientation in government and a global economy which is consciously and globally organized to serve the human good.”
At the same time, Hadas believes it also encourages “the exercise of human freedom” but discourages “authoritarian control.”

Hadas teaches political and social philosophy at the Maryvale Institute in Birmingham, England. He is also the Economic Editor at Reuters Breakingviews, where he won the Business Journalist of the Year Award for economics in 2009. Prior to becoming a journalist in 2004, he worked for 25 years as a financial analyst for various firms, including Morgan Stanley.
The biggest problem for the pontifical council’s plan is the “real tension” between “practicable policies and idealistic aspirations,” he said.

Hadas noted that while the G20 countries have already considered a financial transaction tax and new rules on investment banking, “much of the rest” in the Vatican proposal, “while attractive and theologically sound, seems distant from the thinking of world leaders.”

Nevertheless, he sees the good in the Vatican laying out a proposal for how the world could be, especially since “there may come a time—after another crisis or in some moment of reflection—when this advice will seem useful as well as hopeful.”

Ads by AdsLiveMedia(What's this?)

* The number of messages that can be online is limited. CNA reserves the right to edit messages for content and tone. Comments and opinions expressed by users do not necessarily reflect the opinions or beliefs of CNA. CNA will not publish comments with abusive language, insults or links to other pages


Ads by Google (What's this?)
Ads by Google

Featured Videos

Little Sisters of the Poor press conference in Denver
Little Sisters of the Poor press conference in Denver
Family thrilled to see Pope Francis in Istanbul
Syrian Refugee, Sara, 14, Before Meeting Pope
Ebola orphans thousands of children in West Africa
One year after Haiyan: Philippines rebuilds homes, lives
An Indian contribution to the Vatican's Synod on the Family
Christ Cathedral CNA video Sept 2014
Alejandro Bermudez of CNA accepts ice bucket challenge
'The Real Albania,' remembering those who fled
Pope Francis in Albania, "one of the most important visits of the post-communist era in Albania"
Pope Francis greets paralyzed man who risked all to see him
Franciscans on the banks of the Tiber in Rome, working for the New Evangelization
Pilgrimage from Czech Republic to Assisi and Rome for intentions
Testimony of young Indian who met Pope in Korea
Preparations of the Closing Mass of 6th Asian Youth Day
Missionary of Charity, Korea
Testimony of Christian Love during Pope's Visit to Korea
Religious Sisters in South Korea react to Pope Francis kissing a baby
Warm atmosphere during Holy Mass at Daejeon World Cup Stadium
Images inside Pope Francis flight to South Korea

Liturgical Calendar

December 22, 2014

Advent Weekday

All readings:
Today »
This year »

Catholic Daily

Gospel of the Day

Mt 21:23-27


Daily Readings

First Reading:: 1 Sam 1: 24-28
Gospel:: Lk 1: 46-56

Saint of the Day

St. Romuald »


Homily of the Day

Mt 21:23-27