Pope Leo XIV Introduces Significant Reform to Holy See's Investments
Last week, Pope Leo XIV introduced a significant reform to the financial architecture of the Holy See.
With the motu proprio Coniuncta Cura, ("Shared Responsibility") the Holy Father revoked the exclusive right that the Institute for Works of Religion (IOR) had for investment management.
The new regulations open the door to the use of other foreign financial intermediaries if deemed more efficient or appropriate.
"If there is a sum to be invested, it was previously done only through the IOR; but now it can also be done through the APSA [Administration of the Patrimony of the Apostolic See]."
The reform aims to improve investment management, not to remove investments from the Vatican purview, but to allow accredited financial intermediaries to manage them.
Author's summary: Pope Leo XIV reforms Holy See's investments.