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Rome Reports

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The Vatican's pension system is extremely solid

The world's smallest state is maintained by donations from Catholics and episcopal conferences. Around June 29th, dioceses from all over the world hold the "Peter's Penceâ? collection, an economical aid for the works of charity of the Pope and for the financing of the Holy See. The latest figures reflect the consequences of the economic crisis: in 2012, the collection received $66 million, $3.5 million less than the prior year. However, the economic reforms of Pope Francis are underway and the economy of the Holy See is sufficiently healthy enough to guarantee its independence. For example, Vatican sources confirm the absolute strength of the pension fund of its former employees, a problem suffered by many other countries in this field.  The Vatican's economic reform gives a hand to the reform of the Curia. In order to streamline their agencies, their slogan is transparency, efficiency and savings.  The Council of 8 cardinals will continue to work in its next meeting from July 1st - 4th to design a more efficient Curia, with less departments, which would allow for a better collaboration with the dioceses and ensure a more direct contact with the Pope.  JMB/JAE RR VM -BN Up: PM