AN AMAZING BRIDGE BUILDER, But When it Comes to Money, Bridges Between People Can Be Difficult.
Pope Francis, renowned for his advocacy for the poor, also pursued sweeping reforms the Vatican’s scandal-plagued finances. His approach combined structural overhauls with a cultural shift toward transparency and inclusivity, encapsulated in his emphasis on synodality—a collaborative model empowering lay Catholics. Despite progress, internal resistance, scandals, and financial strains left unfinished work for his successor.
REFORMS AND RESISTANCE
Upon his 2013 election, Francis launched reforms by creating advisory bodies like the Council of Cardinals (C9) and enlisting lay experts to address Vatican finances. Key moves included appointing Cardinal George Pell to lead the new Secretariat for the Economy and auditor Libero Milone to enforce transparency, particularly at the Vatican Bank (IOR), which had faced money laundering scandals.
However, resistance from Vatican bureaucrats stalled efforts. A 2015 meeting of cardinals exposed bitter divisions, with critics dismissing reforms as superficial. Scandals further derailed progress: Pell returned to Australia in 2017 to face (later overturned) abuse charges, while Milone was ousted in 2019 over unproven espionage claims. Milone alleged Cardinal Angelo Becciu—later convicted in 2022 of embezzling $400 million in a London real estate scheme—orchestrated his removal.
CENTRALIZING CONTROL
By 2022, Francis centralized financial oversight, stripping the Secretariat of State of its assets and transferring management to APSA, the Vatican’s treasury. New auditing measures and leadership changes aimed to curb corruption. The Vatican Bank also improved its standing with international watchdog Moneyval, publishing annual reports to affirm compliance with anti-money laundering standards.
ONGOING FINANCIAL STRAINS
Despite reforms, Vatican finances remain precarious. The COVID-19 pandemic reduced museum revenue and donations to Peter’s Pence, the fund supporting the Curia and charities. A 2023 deficit of $94 million highlighted reliance on APSA’s gains, while pension funds floundered. U.S. and German donations dwindled amid disagreements with Francis’ policies.
DIVERGENT SOLUTIONS
Experts debate next steps. Milone advocates for lay financial expertise, arguing clergy lack accounting skills. Others, like Vatican analyst Andrea Gagliarducci, insist reviving traditional Curia values is key, given the Vatican’s inability to compete for external talent.
As Francis’ papacy concluded, he urged fiscal austerity and formed a commission to boost Peter’s Pence donations. His legacy—a mix of progress and unresolved challenges—sets a complex agenda for the next pope, who must navigate financial sustainability while preserving the Church’s mission.
For a deeper dive, go here: Reigous News
