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Media Hit of the Week

October 28, 2011, 5:02 pm | Posted by Casey Schoeneberger

This week’s statement by the Vatican on the need for greater oversight of the world’s financial markets was highlighted by numerous media outlets. Prior to the statement’s release, Faith in Public Life shared background information with reporters. The excerpt below from Elisabetta Povoldeo’s piece in The New York Times details the Vatican’s important call for policies and institutional structures that benefit the common good:

“In a report issued by the Pontifical Council for Justice and Peace, the Vatican argued that “politics — which is responsible for the common good” must be given primacy over the economy and finance, and that existing institutions like the International Monetary Fund had not been responding adequately to global economic problems.

“The document grows out of the Roman Catholic Church’s concerns about economic instability and widening inequality of income and wealth around the world, issues that transcend the power of national governments to address on their own.”…

“In the United States, the report was embraced by politically liberal Catholics who are concerned about the widening gap between rich and poor. Vincent J. Miller, a professor of Catholic theology and culture at the University of Dayton, wrote, “It’s clear the Vatican stands with the Occupy Wall Street protesters and others struggling to return ethics and good governance to a financial sector grown out of control after 30 years of deregulation.

John Gehring of Faith in Public Life, a liberal advocacy group in Washington, said, “In the next Republican presidential debate, someone should ask Newt Gingrich and Rick Santorum, both proudly Catholic, whether they support the Vatican’s call for more robust financial reform.”

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