Pope Leo XIV Introduces Reform to Holy See's Investments
Last week, Pope Leo XIV introduced significant reform to the Holy See's financial architecture.
With the motu proprio Coniuncta Cura, ("Shared Responsibility") the Holy Father revoked the exclusive right of the Institute for Works of Religion (IOR) for investment management.
- The reform opens the door to using other foreign financial intermediaries if deemed more efficient or appropriate.
- The new regulations do not seek to remove investments from the Vatican purview but rather to open the possibility of management to accredited financial intermediaries.
"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]."
Author's summary: Pope Leo XIV reforms Holy See's investments.