Pope Francis announced on Feb. 24 the creation of a new financial structure to coordinate and oversee the finances of the Holy See and Vatican City State. This was the latest move in the effort to reform the scandal-prone Vatican Bank and other financial institutions in Rome. The announcement comes after several days of meetings of both the council of eight cardinals, established by Pope Francis to advise on reform of the Roman Curia and governance of the universal church, and the committee of 15 cardinals that oversees the economic affairs of the Holy See. Cardinal George Pell of Sydney, Australia, 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.
New Secretariat For the Economy
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When the cardinals voted to elect Jorge Mario Bergoglio as the 265th successor of St. Peter on the evening of March 13, 2013, few of them imagined what kind of pope he would be.
Just halfway through his period of convalescence, Pope Francis not only appeared on the central balcony of St. Peter’s Basilica on Easter Sunday to give the Urbi et Orbi blessing—to the city of Rome (“urbi”) and to the world (“orbi”)—but he also drove among the crowd in his jeep.
Against the backdrop of deep differences with the Trump administration over migration and foreign aid as well as concerns for Ukraine and for Gaza, the Vatican secretary of state welcomed U.S. Vice President JD Vance to the Vatican.
Vance, who converted to Catholicism in 2019, attended the liturgy with his wife, Usha, a practicing Hindu, and his three children after meeting with Italian Prime Minister Giorgia Meloni earlier in the day.