Vatican: ‘Amoral’ financial system needs infusion of ethics

(Reuters) The Vatican called for more regulation of markets and financial systems on Thursday, saying economic crises showed they were not able to govern themselves and needed a strong injection of morality and ethics.

A major document written by two key Holy See departments appeared to take aim at plans to further de-regulate markets in some countries, such as the United States, where President Donald Trump wants to loosen strict banking rules enacted after the 2008 financial crisis.

It said profit for the sake of profit and not for the greater good was “illegitimate” and condemned a “reckless and amoral culture of waste” that has created oligarchies in some countries while leaving great masses of impoverished people “without any means of escape”.

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