Pope: Nations too soft on banks

2010-05-22 22:32

kalahari.com

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

Read News24’s Comments Policy

 

Inside News24

 
 
Traffic
Lottery
 
  • Thursday Cape Town - 06:47 AM
    Road name: N2 Inbound
    DELAYS between Duinefontein Road and the M5 Highway Interchange
  • Thursday Rondebosch - 06:47 AM
    Road name: M5 Northbound
    DELAYS between Grassy Park and the N2 Highway Interchange
 
More traffic reports...
 

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Escape winter, head to Mauritius

Escape winter by spending 7 nights in Mauritius' tropical bliss from R13 215 per person sharing. Includes return flights, airport transfers and accommodation. Book now!

Kalahari.com - shop online today

Get many eggs in one basket!

Gaming bundles: 2 Super Hits games for R99, 3 Disney games for R99 and more + exclusive accessory bundles only available on kalahari.com. While stocks last. Shop now!

25% off bestselling books!

The Real Meal Revolution by Tim Noakes, Jeffrey Archer’s Be Careful What You Wish for, Man’s Search for Meaning by Victor E. Frank and many more titles. Shop now!

Up to 25% off electronics

Buy top electronics and save up to 25%. Such as kalahari.com’s 1# selling product the gobii eReader, Patriot X Porter flash drive, Asus Nexus 7” 3G tablet, Samsung Galaxy SIII, Lenovo G580 Notebook and many more. Shop now!

DStv HD PVR Decoder now R949

The DStv HD PVR Decoder has further revolutionised the television experience with lifelike viewing, sharper images, more vibrant colours and precision picture quality. Now R949, save R550. Offer valid while stocks last. Shop now!

Up to 30% off appliances & homeware

Save up to 30% on appliances and homeware this Easter! Offer valid 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

Nokia E7

Your mobile office Real-time emails with Mail for Exchange. Easy access to...

From R3499.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

You may be required to travel or get information for your job. This may be restricting in some way or something may slow things...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.