Pope calls for regulation of financial speculation

The Pope’s Worldwide Prayer Network releases the Pope’s monthly prayer intention in a video each month (Vatican Media)

Pope Francis has released his prayer intention for May 2021, calling for regulators to limit speculation in financial markets and protect ordinary people. Source: Vatican News.

In “The Pope Video”, released on Tuesday, the Pope lamented the apparent disconnect between the lives of ordinary people and the froth currently evident in several financial markets.

“How many people are now unemployed!” he said. “But the financial markets have never been as inflated as they are now.”

The Pope went on to note that high finance, if unregulated and left to its own devices, becomes “pure speculation driven by various monetary policies”.

“This situation is unsustainable. And it is dangerous,” he said. “So that the poor do not suffer painful consequences from this system, financial speculation must be carefully regulated.”

The Pope expressed his hope that finance might be a vehicle to meet people’s needs.

“May finance be a form of service, and an instrument to serve the people, and to care for our common home!”

He also urged everyone to promote a form of economy which is more just and sustainable, and which leaves no one behind.

“We can do this!” the Pope affirmed. “And let us pray that those in charge of finance will work with governments to regulate financial markets and protect citizens from its dangers.”

The Pope’s Worldwide Prayer Network, which prepares “The Pope Video” each month, released a statement accompanying the prayer intention. It linked the Holy Father’s concern for buoyant markets with the inequalities worsened by the COVID-19 pandemic.

FULL STORY

Pope’s May prayer intention: ‘For the world of finance’ (By Devin Watkins, Vatican News)

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