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

SHARE:

Read News24’s Comments Policy

 

Inside News24

 
/Movies
 
Traffic
Lottery
 
  • Wednesday Goodwood - 11:51 AM
    Road name: N7 Vanguard Drive Southbound
    DELAYS approaching Voortrekker Road
  • Wednesday Brackenfell - 10:44 AM
    Road name: N1 Inbound
    ROADWORKS - left lane closed at the R300 Highway - DELAYS
 
More traffic reports...
 

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Up to 60% off - clearance sale!

Save up to 60% on appliances, books, electronics, toys, movies and more. Offer valid while stocks last. Shop now!

Deal of the Week!

Get bestselling John Green novels now just R99 each! Hurry and get yours while stocks last. Shop here.

Mind blowing deals on beauty & fragrances

Save up to 30% off beauty and fragrances. Offer valid while stocks last. Shop now!

Up to 50% off hair care products!

Save up to 50% on professional hair care products at kalahari.com. Offer valid while stocks last. Shop now!

30% off academic books

Score a mind blowing 30% off academic books! 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

BlackBerry Curve 9380

The first BlackBerry Curve smartphone with a touch screen Stay connected...

From R1799.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

It is always easier to look out and see what needs changing. Looking in is a lot harder... Today you may need to look at what...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.