Pope Francis Urges Cardinals to Adopt ‘Zero Deficit’ Plan Amid Vatican’s Financial Struggles
Pope Francis has issued a strong call to the world’s Catholic cardinals to embrace a “zero deficit” agenda aimed at improving the Vatican’s financial management. In a letter published on Friday, the Pontiff outlined the need for the Church’s highest officials, many of whom lead Vatican offices, to take “a further effort” in ensuring the sustainable use of the Vatican’s economic assets. While Francis didn’t provide many specifics, he emphasized the importance of implementing ethical policies to boost the economic performance of the Church’s resources. His appeal comes at a critical time as the Vatican continues to face financial scandals, including the highly publicized 140 million euro loss from a London real estate investment.
The Pope’s push for financial reform follows a series of ongoing efforts to clean up Vatican finances, which have been marred by mismanagement and controversy over the past decade. One notable scandal involved a financier embroiled in the London property deal, who took the Vatican to trial this summer over reputational damage. The outcome of that case is still pending, but it highlights the financial turbulence the Vatican has faced. In his letter, addressed to his “venerable brothers,” Francis encouraged the cardinals to lead by example in cost reduction, urging them to avoid the “superfluous” and focus on carefully chosen priorities.
Despite these challenges, the Vatican has shown glimpses of financial stability. In July, Vatican City’s central bank reported a surplus of 45.9 million euros for 2023, driven by its financial and real estate holdings. The Vatican’s two entities—the Holy See and Vatican City—maintain separate budgets, but income from Vatican City, particularly from the lucrative Vatican Museums, has often been used to cover deficits in the Holy See’s budget. As the Catholic Church continues to navigate these financial difficulties, Pope Francis’ latest appeal underscores his determination to restore fiscal discipline and transparency at the heart of the Church.
