Without ethics, financial crisis could be a catastrophe, nuncio warns

Published: 2008-12-01

VATICAN CITY (CNS) -- A leading Vatican diplomat warned that the current financial crisis could become a catastrophe unless solutions are found that respect ethics and involve all levels of society. "It is necessary to recover some basic aspects of finances, such as the primacy of labor over capital, of human relationships over purely financial transactions, and of ethics over the sole criterion of efficiency," Archbishop Celestino Migliore, the Vatican's apostolic nuncio to the United Nations, told Vatican Radio Nov. 28. "For some time we've found ourselves in the middle of a financial crisis that could become a catastrophe if its effects are allowed to impact other crises: in economics, food and energy," he said. Archbishop Migliore made the remarks on the eve of the U.N.-sponsored International Conference on Financing for Development Nov. 29-Dec. 2 in Doha, Qatar. The archbishop led a Vatican delegation to the conference.

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