Pope’s prayer intention in May: “For the world of finance”
Pope Francis publishes prayer intention for May 2021 and calls on regulators to limit speculation in financial markets and protect ordinary people.
By Devin Watkins
“The real economy, the one that creates work, is in crisis. “
Pope Francis launched his prayer intention for the month of May 2021 with this warning.
In “The Pope’s Video,” published Tuesday, he lamented the apparent disconnect between ordinary people’s lives and the scum currently evident in several financial markets.
“How many people are now unemployed! he said. “But the financial markets have never been so inflated as they are today.”
The Pope went on to note that high finance, if not regulated and left to its own devices, becomes “pure speculation driven by various monetary policies”.
“This situation is untenable. And it is dangerous, “he said.” In order for the poor not to suffer the painful consequences of this system, financial speculation must be carefully regulated. “
Pope Francis then repeated his insistence on the term “speculation”.
Justice and economy
The Pope expressed his hope that finance can be a vehicle for meeting people’s needs.
“May finance be a form of service and an instrument to serve the people and take care of our common home! “
He also urged everyone to promote a fairer and more sustainable form of economy that leaves no one behind.
“We can do it!” Pope Francis said. “And pray that finance officials work with governments to regulate financial markets and protect citizens from its dangers.”
The Pope’s Global Prayer Network, which prepares “The Pope’s Video” each month, issued a press release accompanying the prayer intention.
He linked the Holy Father’s concern for growth markets to inequalities aggravated by the Covid-19 pandemic.
Global GDP (gross domestic product), the statement noted, suffered its largest decline since the end of World War II, with millions of people either unemployed or on leave.
Finance for the common good
In a recent letter to the World Bank and the International Monetary Fund, the Pope deplored the exclusion from the financial markets of people on the margins of society.
This is the reason he gives of the need to regulate the financial markets, to make them function “for societal objectives” and the common good.
As the press release notes, “market freedom and pure speculation cannot solve this kind of problem because they do not take into account the inequalities of the social fabric”.
Rather, governments must strive to put “human dignity back at the center” of financial markets and models.
The full text of the Pope’s prayer intention is below:
“The real economy, the one that creates work, is in crisis. How many people are now unemployed! – But the financial markets have never been so inflated as they are today.
How far the world of high finance is from the life of ordinary people!
If finance is not regulated, it becomes pure speculation driven by various monetary policies.
This situation is unsustainable. And it is dangerous.
So that the poor do not suffer the painful consequences of this system, financial speculation must be carefully regulated.
Speculation. I want to emphasize this term.
May finance be a form of service and an instrument to serve the people and take care of our common home!
We still have time to initiate a process of global change to practice a different type of economy, more just, more inclusive and sustainable, and which leaves no one behind.
We can do it! And pray that finance officials work with governments to regulate financial markets and protect citizens from its dangers. “