The global financial crisis and the worldwide recession it triggered have demonstrated that allowing financial markets to regulate themselves does not serve national interests nor the good of the international community, according to Archbishop Silvano Tomasi, the Vatican’s permanent observer to U.N. agencies based in Geneva. Speaking on April 22 during a U.N. Conference in Doha, Qatar, Archbishop Tomasi said the 2008 financial crisis “marked a turning point for the world economy.” The subsequent global economic recession, he said, “eliminated at least 30 million jobs around the world.” As a result, “the enjoyment of fundamental economic and social rights by countless persons has been compromised, including the right to food, water, decent work, education and health.” He added, “The international community cannot let the financial system continue being a source of global economic instability; it must urgently take measures to prevent the outbreak of other financial crises in the future.”
Market Mayhem
Show Comments (
)
Comments are automatically closed two weeks after an article's initial publication. See our comments policy for more.
The latest from america
More than 60 Catholic institutions, congregations and individuals have signed a letter imploring Mr. Biden to endorse a new round of assistance to the world’s most indebted nations from the International Monetary Fund.
‘Nickel Boys’ preserves Colson Whitehead’s critically acclaimed narrative style while adding cinematic texture that enhances key details of the book.
I have trouble talking about the loss without tearing up, as if the smoke and ash from Los Angeles traveled across the country to find me.
In 2017 speech to a conference of the World Meeting of Popular Movements, Cardinal McElroy, the newly appointed archbishop of Washington, gives a hint as to how he might approach the incoming Trump administration.