Pope Leo XIV Issues New Financial Decree
Vatican City State – On Monday, October 6, 2025, Pope Leo XIV issued an Apostolic Letter in the form of a 'Motu Proprio' titled 'Coniuncta Cura'. The decree, signed on September 29, 2025, introduces significant changes to the financial investment activities of the Holy See, notably rolling back a 2022 reform implemented by his predecessor, Pope Francis. This marks a shift in the Vatican's approach to managing its vast financial assets, allowing for greater flexibility in the use of external financial institutions.
Reversal of 2022 Centralization Efforts
The new 'Motu Proprio' explicitly repeals a 2022 'Rescriptum ex Audientia' from Pope Francis, which had mandated the centralization of all Holy See financial investments and liquidity with the Institute for the Works of Religion (IOR), commonly known as the Vatican Bank. Pope Francis's earlier reform aimed to tighten oversight and prevent mismanagement following a series of financial scandals, requiring all Vatican departments to transfer their assets into IOR-managed accounts.
New Framework for Financial Management
Under Pope Leo XIV's 'Coniuncta Cura', the Administration of the Patrimony of the Apostolic See (APSA), the Vatican's main financial body, is now permitted to use external financial intermediaries. While APSA is still expected to generally utilize the IOR for investment activities, the new legislation includes an exception: it allows for the use of outside financial institutions when competent bodies 'deem it more efficient or convenient'. This decision was made after careful evaluation of unanimous recommendations from the Council for the Economy, which advises on financial management and transparency.
Implications and Future Outlook
The move by Pope Leo XIV, who was elected on May 8, 2025, following the death of Pope Francis on April 21, 2025, signals a new phase in Vatican economic reform. Commentators suggest this represents a shift from the highly centralized model favored by Pope Francis towards one that emphasizes 'co-responsibility in communion' and a measure of confidence in various Vatican departments to manage their own investment portfolios. Pope Leo XIV has previously indicated that the Vatican's financial situation is not as dire as some reports suggest, stating that he is 'not losing sleep' over the issue.
7 Comments
Eugene Alta
Francis's centralization was too extreme. A sensible course correction.
KittyKat
Pope Leo XIV's confidence in the Vatican's finances is reassuring, but Francis implemented his reforms for very real reasons. This move needs careful monitoring to avoid past mistakes and ensure accountability.
BuggaBoom
Finally, some common sense! Bureaucracy was stifling progress.
eliphas
The idea of 'co-responsibility' sounds positive, yet the previous system was a direct response to financial impropriety. Hopefully, the new framework has robust oversight mechanisms.
paracelsus
A recipe for disaster! We've seen this movie before.
eliphas
It's good to empower departments, but Francis's centralization aimed to prevent mismanagement. A balance between trust and accountability is essential for long-term stability.
Noir Black
Undermines Francis's hard work. Transparency is crucial.