What does the pope know?

[Vee]

Just a few days ago, the pope ordered that the Holy See and connected entities move all financial assets to the Vatican bank until the end of September. (Pope Francis instructs Vatican entities to move all funds to Vatican bank by Sept. 30)
Given the current state of the world's economy, I wonder if he knows something we don't or if this is just coincidence and he's simply trying to put the affairs in order.

 

[ChristineM]

That's worrying.

Certainly the GBP/EUR exchange rate is currently falling through the floor and i have no idea why. Forecasts show it falling to post brexit levels within a couple of weeks.

 

[Estro Felino]

It is so interesting that the Italian media tend to cover up such pieces of news...so you need to look for English media.
But I think something big is going to happen in Europe.

 

[Vee]

It is so interesting that the Italian media tend to cover up such pieces of news...so you need to look for English media.
But I think something big is going to happen in Europe.

I initially saw this on a financial channel. It doesn't seem like something the main stream media would report. I wonder what's coming down the pike.

 

[pearl]

The rescript concerns Article 219, paragraph 3 of the Constitution on the Roman Curia "Praedicate Evangelium."

The relevant article is to be interpreted "in the sense that the activity of asset manager and custodian of the movable assets of the Holy See and of the institutions linked to the Holy See belongs exclusively to the Institute for the Works of Religion."

For this reason, Holy See and related institutions "that possess financial assets and liquid assets, in whatever form they are held, with financial institutions other than the IOR must inform the IOR and transfer them to it as soon as possible within 30 days from 1 September 2022."

The papal rescript enters into effect immediately, with publication in the Holy See's daily newspaper
Pope: All movable assets of Holy See to be managed by IOR - Vatican News

 

[danieldemol]

Given the current state of the world's economy, I wonder if he knows something we don't

I doubt it, because if he was known for his investment prowess the financial world would follow his moves in their publications.

In my opinion.

 

[pearl]

Cardinal Robert McElroy;
I understand that another topic discussed at the meeting was the question of Vatican finances and that on Monday evening participants were given a paper that outlined all the steps that have been taken in this process of reform since Francis became pope. Cardinal Christoph Schönborn said he emphasized the reforms in the Vatican’s economic and financial field “in which great steps forward had been taken.”

I would say there is concern that this has been a continuing problem within the central administration of the church regarding finances, and the lack of transparency in certain ways, and that steps were taken for the investments of funds which were not only not wise but were determined in part by people’s relationships and where they came from. So there was a strong feeling that this has been a problem that needs to be addressed. There was general support for the steps being taken under Pope Francis.

And I think there was a lot of support expressed for the decision to remove funds from the Secretariat of State, and to have everything being in one place [the Institute for the Works of Religion, also known as the Vatican Bank] and observable.
Cardinal McElroy on Curia reform, Vatican finances and the Pope Francis resignation rumors | America Magazine

 

[metis]

Just a few days ago, the pope ordered that the Holy See and connected entities move all financial assets to the Vatican bank until the end of September. (Pope Francis instructs Vatican entities to move all funds to Vatican bank by Sept. 30)
Given the current state of the world's economy, I wonder if he knows something we don't or if this is just coincidence and he's simply trying to put the affairs in order.

The Vatican Bank has been terribly run, and PF has taken steps to try and reform it. However, I don't know if he's been successful in that endeavor.