VATICAN CITY, 5 MAY 2010 (VIS) - Today in the Holy See Press Office Mary Ann Glendon, president of the Pontifical Academy of Social Sciences, presented a summary of the academy's sixteenth plenary assembly which took place in the Vatican's Casina Pio IV from 30 April to 4 May on the theme: "Crisis in a Global Economy. Re-planning the Journey".
Ms. Glendon pointed out that this was the first gathering of the academy since the publication of Benedict XVI's Encyclical "Caritas in veritate", and that the deliberations took account of the guidelines contained in that document. She also observed that, as the plenary assembly had coincided with the crisis in Greece, it "was marked by an analysis of recent events in a manner more immediate than is customary in the rhythms of academic life".
The three main themes on which the participants focused were: Financialisation of the Economy and of Common Life; The Consequences of the Crisis on the Poor, and Governance of Economic Activity.
On the first of these subjects, the participants highlighted how "the fragility of the economic system was partly a consequence of over-reliance on speculative financial activities separated from productive activity in the real economy". Examining the consequences of the crisis on the poor, the academy noted that, "for the first time, our world will soon have one billion malnourished people".
"If one compares the relative cost of the financial bailouts to the amounts needed for basic nutrition, for example, one cannot avoid the conclusion that this crisis has distracted greatly from urgent questions of development", said Ms Glendon.
Finally, the president of the Pontifical Academy of Social Sciences reaffirmed that "the principles laid out in 'Caritas in veritate' about the need for stronger regulation of international finance were discussed with various concrete measures suggested in order to ensure greater transparency in financial instruments and to avoid the moral hazard problems arising from bailouts".
ACAD-SS/ VIS 20100505 (330)
Ms. Glendon pointed out that this was the first gathering of the academy since the publication of Benedict XVI's Encyclical "Caritas in veritate", and that the deliberations took account of the guidelines contained in that document. She also observed that, as the plenary assembly had coincided with the crisis in Greece, it "was marked by an analysis of recent events in a manner more immediate than is customary in the rhythms of academic life".
The three main themes on which the participants focused were: Financialisation of the Economy and of Common Life; The Consequences of the Crisis on the Poor, and Governance of Economic Activity.
On the first of these subjects, the participants highlighted how "the fragility of the economic system was partly a consequence of over-reliance on speculative financial activities separated from productive activity in the real economy". Examining the consequences of the crisis on the poor, the academy noted that, "for the first time, our world will soon have one billion malnourished people".
"If one compares the relative cost of the financial bailouts to the amounts needed for basic nutrition, for example, one cannot avoid the conclusion that this crisis has distracted greatly from urgent questions of development", said Ms Glendon.
Finally, the president of the Pontifical Academy of Social Sciences reaffirmed that "the principles laid out in 'Caritas in veritate' about the need for stronger regulation of international finance were discussed with various concrete measures suggested in order to ensure greater transparency in financial instruments and to avoid the moral hazard problems arising from bailouts".
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