Cardinals requested to cover residential charges, as per Pope Francis's query
New Popes vs. Old Ways: What's Happening with the Vatican's Finances?
In a shake-up that caught everyone off guard, Pope Francis passed away on April 21, at the age of 88. His eight-year reign saw an earnest attempt to slough off the Vatican's dusty, privilege-laden image. A prime example? The cancellation of sweetheart real estate deals for the cardinals and high-ranking Vatican officials[2].
© Marco Iacobucci/SOPA Images/LightRocket/Getty_Images
Before March 2023, these ecclesiastical bigwigs enjoyed life in properties owned by the Holy See, paying little or no rent. But not on Papa Frank's watch! Les Echos reported this change in March 2023[2]. Now, these lucky tenants have to cough up market-rate rent. This new policy was officially penned in a rescript signed on February 13, 2023[2].
This move was part of a bigger financial overhaul strategy by the Pope, a response to the COVID-19 pandemic’s strain on the Vatican's coffers and a push for greater transparency. In 2021, Pope Francis had already trimmed the salaries of cardinals and high-ranking officials by 10%,making it clear he wanted the Church to adjust to modern economic realities and ditch outdated practices[2].
Will the New Pope Keep the Reforms Rolling?
This wasn't a miserly pope we were dealing with; this was a pontiff actively aiming for social justice[3]. With his demise on April 21, we've seen an end to an era of reforms within the Roman Catholic Church[3]. As of now, we don't know if his successor will carry on this crusade of financial rationalization and transparency or opt for the pomp and privilege game[3].
Keep an eye on the smoke signals from the Vatican. The game of thrones (er, popes) has just begun.
- Pope
- Church
- Money
- Vatican
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- The new Pope, potentially different from the reform-minded Pope Francis, may have a significant impact on the Vatican's financial policy-and-legislation and its pursuit of transparency.
- Pope Francis, before his demise, had implemented a policy of erasing sweetheart real estate deals enjoyed by the occupants of Vatican properties, urging them to pay market-rate rent.
- The finance-related reforms under Pope Francis were part of a broader strategy aimed at adapting the Church to modern economic realities and phasing out outdated practices.
- Finance, business, and politics are topics of interest as the world waits to see if the next Pope will continue the ongoing reformation or revert to the old ways.
- General-news outlets may offer insights and updates on the Vatican's policy-and-legislation changes, the Pope's choices, and the impacts on the Church's finances.
