The Vatican Department of Justice and Peace released a report this week that weighs in on some the issues around the recent and current global economic crises, and what this body believes is a current institutional and political structure that is inadequate to deal effectively and fairly with them.
It said the International Monetary Fund (IMF) no longer had the power or ability to stabilize world finance by regulating overall money supply and it was no longer able to watch "over the amount of credit risk taken on by the system."Ignoring what I believe to be an error in their ideas about what the purpose of the IMF is; here it is revealed that monetarist dogma has indeed infiltrated the Vatican.
The article generally indicates that at least this body within the Vatican advocates for more globalization and global coordination of world finance; establishment of a "supranational authority"; but yet credits this body with the following position:
It condemned what it called "the idolatry of the market" as well as a "neo-liberal thinking" that it said looked exclusively at technical solutions to economic problems.
Perhaps something is being lost in the translation from Reuters here. But if I take the article at face value, I can't help but think that these policy analysts at the Vatican are in way over their heads on these issues about global macro economics and how they relate to 'justice and peace'.