Vatican calls for more regulation of markets, financial systems, condemns ‘economic cannibalism’

The Vatican called on Thursday for more regulation of markets and financial systems. A major document says economic crises showed they were not able to govern themselves and needed a strong injection of morality and ethics. ‘Considerations for an Ethical Discernment Regarding Some Aspects of the Present Economic-Financial System,’ jointly prepared by the doctrinal office and the department on human development, appeared to take aim at plans to further de-regulate markets in some countries, such as the US, Reuters said. The document attacked the “economic cannibalism” of some financial practices, saying profit for the sake of profit and not for the greater good was “illegitimate.” The Vatican condemned an “amoral culture of waste” that has created oligarchies in some countries while leaving great masses of impoverished people “without any means of escape.” The pronouncement is considered official teachings of the Catholic Church and could affect the attitude of the church’s 1.2 billion members.