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By Associated Press
VATICAN CITY — The Vatican called Monday for radical reform of the world’s financial systems, including the creation of a global political authority to manage the economy.
A proposal by the Pontifical Council for Justice and Peace calls for a new world economic order based on ethics and the “achievement of a universal common good.” It follows Pope Benedict XVI’s 2009 economic encyclical that denounced a profit-at-all-cost mentality as responsible for the global financial meltdown.
The proposal acknowledges, however, that a “long road still needs to be traveled before arriving at the creation of a public authority with universal jurisdiction” and suggests the reform process begin with the United Nations as a point of reference. Click here to continue reading.