Vatican Applies New Economic Guidelines to Regulate Costs and Improve Management

Rome Reports
December 21, 2012

http://www.romereports.com/palio/vatican-applies-new-economic-guidelines-to-regulate-costs-and-improve-management-english-8568.html#.UNSyDHcY3zo

[with video]

December 20, 2012. (Romereports.com) The Vatican said it will also be tightening its belt to face the current economic crisis. The department tasked wit overseeing money matters within the Vatican, the Prefecture of Economic Affairs, announced new guidelines to help manage costs.

CARD. GIUSEPE VERSALDI

President, Prefecture of Economic Affairs

“With these guidelines, we are giving back, on behalf of the superior authority, the original role for the Prefecture of Economic Affairs, as was the will of Pope Paul VI.”

The Vatican's Secretary of State, Cardinal Tarcisio Bertone, signed the 34 point guidelines, which will go into effect right away. The measures aim to reduce costs in a gradual and effective manner. It also redefines the role of the Prefecture of Economic Affairs, in relation to other departments within the Vatican. Effective immediately, any of the prefecture's caps on oversight and control are capped, and granted powers to administer costs.

MSGR. LUCIO ANGEL VALLEJO

Secretary, Prefecture of Economic Affairs

“We wanted to be clear, to have a truthful picture of the Holy See. To have not just two account balances, but four. They remain the same, the account balances for Vatican City, and the Curia. And we have two other realities that if we did not include in the account balances it wouldn't show a truthful picture of the Church. Because it would appear that we don't do any pastoral work, or any charity work. And that is not the case. The biggest account balance for the Holy See is its charity work. Its the money that the faithful send the Pope and that he distributes.”

The document also addresses the budget and balance cuts that Vatican City will carry out, which will be managed jointly this time around.

One of the biggest changes will be the creation of four separate balance accounts. In addition to the existing Governor and the Holy See accounts, there will be a third dedicated to charity work, and a fourth deemed for pastoral matters.

All accounts will now come under the direct control of the Vatican Secretariat of State. The inspections of the Vatican completed by Moneyval and AIF served as references to apply European norms on money laundering.