Vatican's U.N. rep says economic policies must protect the poor

Published: 2008-02-11

UNITED NATIONS (CNS) -- As the world waits to see the extent of the global economic damage provoked by the U.S. mortgage crisis, national and international policies must protect low-income families and the working poor, said the Vatican's observer at the United Nations. Archbishop Celestino Migliore spoke Feb. 7 at a meeting of the Economic and Social Council of the U.N. Commission for Social Development. The archbishop said the cycle of economic growth and job creation followed by recession and job losses seems to be accelerating, straining individuals, governments and international economic partners that are not used to changing course quickly. "At this very moment, with bated breath the world wonders where the ongoing financial woes provoked by the crisis in the real estate sector in some of the most developed economies would lead us," he said.

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