Pope Francis has called on world leaders to end the “cult of money” and to do more for the poor, in his first major speech on the financial crisis.
Free market economics had created a tyranny, in which people were valued only by their ability to consume, the pontiff told diplomats in the Vatican.
“Money has to serve, not to rule,” he said, urging ethical financial reforms.
Meanwhile, the Vatican’s own bank announced it would publish its annual report for the first time.
The Institute for Works of Religion, which has been at the centre of various financial scandals in recent years, is to hire an external accountancy firm to ensure it meets international standards against money laundering.
The bank would launch a website and publish its annual report in an effort to increase transparency, new president Ernst Freyberg said.
The institute is considered one of the world’s most secretive banks.
