Tuesday, July 7, 2009
VATICAN CITY (Reuters) – Pope Benedict on Tuesday called for a “world political authority” to manage the global economy and for more government regulation of national economies to pull the world out of the current crisis and avoid a repeat.
The pope’s call for a re-think of the way the world economy is run came in new encyclical which touched on a number of social issues but whose main connecting thread was how the current crisis has affected both rich and poor nations.
Benedict said “there is an urgent need of a true world political authority” whose task would be “to manage the global economy; to revive economies hit by the crisis; to avoid any deterioration of the present crisis and the greater imbalances that would result.”
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Such an authority would have to be “regulated by law” and “would need to be universally recognized and to be vested with the effective power to ensure security for all, regard for justice, and respect for rights.”
“Obviously it would have to have the authority to ensure compliance with its decisions from all parties, and also with the coordinated measures adopted in various international forums,” he said.
Full story here.