Pope: Nations too soft on banks

2010-05-22 22:32

Vatican City - Pope Benedict XVI on Saturday singled out for criticism governments that have failed to put stringent measures in place to regulate banks and the markets in the wake of the financial crisis.

Some heads of state "do not react with the appropriate decisions on the governance of finance when faced with renewed episodes of irresponsible speculation directed towards weaker countries," the pope said.

In recent weeks, European governments have scrambled to agree on how to prop up investor confidence in weaker eurozone economies after the Greek debt crisis put the country on the brink of default.

Meanwhile, United States President Barack Obama is pushing through congress a major overhaul of financial sector regulation following the 2008-2009 meltdown.

"Politics needs to have primacy over finance, and morality needs to guide every activity," Benedict told a conference at the Vatican.

In a 2009 encyclical, Benedict called for the establishment of a new global agency "with real teeth" to restore the global economy.

"The crisis... is in large part caused by the lack of trust and of an appropriate creative and dynamic solidarity impulse aimed at the common good," the pope said.

Read more on:    pope benedict xvi
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

 

Inside News24

 
/News
 

Five wrapping hacks you have to know before Christmas

Five gift wrapping hacks that will save Christmas for you!

 
 

I love summer.24

Sexiest Instagrams of 2014
Joburg hot spots for cocktails, craft beer, tapas and wine!
Summer Survey!
Great ideas for the best summer sandwiches!

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

Grand Theft Auto 5

Now available on PS4, Xbox One and PC from R649. Buy now!

Festive gifts!

Check out our awesome range of festive gifts to make everyone’s wishes come true. Shop now!

Save on Samsung

Cameras, mobile phones, TVs, Tablets and more. While stocks last. Shop now!

Save up to R2200 on electronics! – As seen in the catalogue

Wishing for tech gadgets this festive? Save up to R2100 on hot tech products at kalahari.com. While stocks last. Shop now!

30% off the bestselling books

Save big on the most captivating reads of 2014. While stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

The energy today is serious, materialistic and hardworking. You may find you get a new outlook on things and you may want to spend...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.