December 20, 2012
(Romereports.com) The Vatican said it will also be tightening its belt to face the current economic crisis.
The department tasked wit overseeing money matters within the Vatican,
the Prefecture of Economic Affairs, announced new guidelines to help manage costs.
CARD. GIUSEPE VERSALDI
President, Prefecture of Economic Affairs
these guidelines, we are giving back, on behalf of the superior
authority, the original role for the Prefecture of Economic Affairs, as
was the will of Pope Paul VI.”
The Vatican's Secretary of State, Cardinal Tarcisio Bertone, signed the 34 point guidelines, which will go into effect right away. The measures aim to reduce costs
in a gradual and effective manner. It also redefines the role of the
Prefecture of Economic Affairs, in relation to other departments within
the Vatican. Effective immediately, any of the prefecture's caps on
oversight and control are capped, and granted powers to administer costs.
MSGR. LUCIO ANGEL VALLEJO
Secretary, Prefecture of Economic Affairs
wanted to be clear, to have a truthful picture of the Holy See. To have
not just two account balances, but four. They remain the same, the
account balances for Vatican City, and the Curia. And we have two other
realities that if we did not include in the account balances it wouldn't
show a truthful picture of the Church. Because it would appear that we
don't do any pastoral work, or any charity work. And that is not the
case. The biggest account balance for the Holy See is its charity work.
Its the money that the faithful send the Pope and that he distributes.”
document also addresses the budget and balance cuts that Vatican City
will carry out, which will be managed jointly this time around.
One of the biggest changes will be the creation of four separate balance accounts.
In addition to the existing Governor and the Holy See accounts, there
will be a third dedicated to charity work, and a fourth deemed for
All accounts will now come
under the direct control of the Vatican Secretariat of State. The
inspections of the Vatican completed by Moneyval and AIF served as
references to apply European norms on money laundering.