Australian cardinal to head new Vatican Secretariat for Economy
(Vatican Radio) Pope Francis has issued a Motu Proprio announcing the setting up of
a new financial structure to coordinate and oversee the finances of the Holy See and
Vatican City State. Monday’s announcement comes after several days of meetings
of both the Council of 8 Cardinals, established by Pope Francis to advise on reform
of the Curia and governance of the Universal Church, and the Committee of 15 Cardinals
which oversees the economic affairs of the Holy See.
Australian Cardinal George
Pell of Sydney 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.
Listen to Philippa Hitchen's report:
Please
find below the full English text of the statement from the Vatican Press Office on
the new Motu Proprio entitled ‘Fidelis Dispensator et prudens’
The
Holy Father today announced a new coordination structure for economic and administrative
affairs of the Holy See and the Vatican State. Today's announcement comes after
the recommendations of the rigorous review conducted by the Pontifical Commission
for Reference on the Organization of the Economic- Administrative Structure of
the Holy See (COSEA) were considered and endorsed by both the Council of 8 Cardinals
established to advise the Holy Father on governance and the Committee of 15 Cardinals
which oversees the financial affairs of the Holy See. COSEA recommended changes
to simplify and consolidate existing management structures and improve coordination
and oversight across the Holy See and Vatican City State. COSEA also recommended
more formal commitment to adopting accounting standards and generally accepted
financial management and reporting practices as well as enhanced internal controls, transparency
and governance. The changes will enable more formal involvement of senior and experienced
experts in financial administration, planning and reporting and will ensure better
use of resources, improving the support available for various programs, particularly
our works with the poor and marginalized. The changes announced by the Holy
Father include: 1. Establishment of a new Secretariat for the Economy which will
have authority over all economic and administrative activities within the Holy
See and the Vatican City State. The Secretariat will be responsible, among other
things, for preparing an annual budget for the Holy See and Vatican City State
as well as financial planning and various support functions such as human resources
and procurement. The Secretariat will also be required to prepare detailed financial
statements of the Holy See and Vatican State.
2. The Secretariat for the Economy
will implement policies determined by a new Council for the Economy - a 15 member
Council comprised of 8 Cardinals or Bishops, reflecting various parts of the world
and seven lay experts of different nationalities with strong professional financial
experience. The Council will meet on a regular basis and to consider policies and practices
and to prepare and analyze reports on the economic-administrative activities of the Holy
See.
3. The Secretariat for the Economy will be headed by a Cardinal Prefect
reporting to the Council for the Economy. He will be supported by a Secretary-General
in the management of day to day activities.
4. The Holy Father has appointed
Cardinal Pell, the current Archbishop of Sydney, Australia, to the role of Prefect
of the Secretariat for the Economy. Details for Cardinal Pell are attached.
5.
New arrangements also include the appointment of an Auditor-General, appointed by
the Holy Father who will be empowered to conduct audits of any agency of the Holy
See and Vatican City State at any time.
6. The changes will confirm the
role of APSA as the Central bank of the Vatican with all the obligations and responsibilities
of similar institutions around the world.
7. The AIF will continue to undertake
its current and critical role of prudential supervision and regulation of activities
within the Holy See and Vatican City State.
The Prefect of the new Secretariat
for the Economy has been asked to start work as soon as possible. He will prepare
the final statutes and other related matters with the assistance of any necessary
advisors and will work with COSEA to complete the implementation of these changes approved
by the Holy Father