THE PERSON MUST BE AT THE CENTER OF ECONOMICS

VATICAN CITY, NOV 20, 1999 (VIS) - The Pope this morning welcomed the teachers and students of the Luigi Bocconi Business University in Milan, and told them that economic activity, "being an aspect and essential dimension of human activity, is not only necessary, but can also be a source of fraternity and a sign of Providence."

He indicated how "science and economic activity today must face the process of European integration, which is ever more advanced, especially following the introduction of a single currency and with the ever broader phenomenon of globalization. These two realities ... must be correctly interpreted, critically assumed and adequately governed."

Turning to the single European currency, the Holy Father highlighted how, "on the one hand, it will be a source of great opportunities," while, "on the other, it is not without risks, as it could favor the hegemony of finance and market logic over social and cultural aspects."

There are also positive and negative aspects to "the complex phenomenon of globalization," he added. Among the risks is the fact that globalization, "often governed solely or prevalently by a type of commercial logic which benefits the powerful, could forebode further inequalities, injustices and marginalizations."

What is needed, stated John Paul II, is vigilance so that "the risks linked to these phenomena, which, unfortunately, always seem to have the upper hand, are neutralized."

"It is necessary," he concluded, "to harmonize the needs of the economy with those of ethics. At a deeper and more radical level, it is urgent and necessary to recognize, guard and promote the unquestionable primacy of the human person."

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