杏MAP导航

By Lisa Zengarini

杏MAP导航 Francis has again warned against financial speculation that prioritizes profit over people, resulting in exploitation and social inequalities. 鈥淲hen finance tramples on people, fuels inequalities, and distances itself from the life of territories, it betrays its purpose鈥� and 鈥渂ecomes uncivilized economy鈥�, he said.

The 杏MAP导航 was addressing delegations of some Italian Banking Institutes whom he received in audience on Monday.

The ethical responsibilities of finance 

In his remarks the 杏MAP导航 reflected on the ethical responsibilities of finance and its impact on society, emphasizing its potential for fostering inclusion and sustainability while cautioning against its detachment from human needs.

Drawing on historical examples, he highlighted how the Church has long contributed to socially conscious banking initiatives, such as the Monti di Pietà established in Italy the 15th century to provide credit to those who could not afford it, and the cooperative credit systems created in the late 19th-century inspired by 杏MAP导航 Leo XIII's social Encyclical Rerum Novarum. The intent of these initiatives, he noted, 鈥渉as always been to give opportunities to those who otherwise would have none鈥�, showing that finance can help social well-being.

Negative modern-time banking practices prioritizing profit

The 杏MAP导航  opposed these  ethical financial practices  to some banking practices of our time which  instead prioritize profit over people鈥檚 needs, fostering "uncivilized" economic behaviour.  

He cited multinational companies relocating to exploit cheaper labour, usurious practices benefiting the already privileged and neglecting those in need, and some  financial systems collecting funds in one place to invest them elsewhere  with the sole aim of increasing their gains.

This disconnect, the 杏MAP导航 warned, leaves vulnerable groups feeling exploited and abandoned.

Finance should prioritize human development, not speculation

杏MAP导航 Francis praised the Italian institutions present for embodying a more humane approach to banking. Describing finance as the 鈥渆conomy's circulatory system鈥�, he insisted that 鈥渨ithout adequate financial systems capable of inclusion and promoting sustainability, integral human development would not be possible鈥�.

Hence the need for banks  to avoid speculative and destructive investments such as those that harm the environment and promote wars.

Debt forgiveness to restore hope

Looking ahead to the upcoming Jubilee of Hope, 杏MAP导航 Francis  reiterated his plea for debt forgiveness: 鈥淭his,鈥� he said, 鈥渋s the condition for generating hope and a future in the lives of many people, especially the poor.鈥�

Quoting Don Primo Mazzolari, 杏MAP导航 Francis concluded by encouraging banks to uphold social justice recalling that they have 鈥済reat responsibilities to encourage inclusive logic and to support an economy of peace鈥�