I'm actually more optimistic about the short-term success of these reforms, mostly because its success has nothing to do with Pope Francis or any other pope. If they let up on the reforms, Moneyval will pulverize them. Once you buy into a regulatory scheme with real power from the outside, its harder to walk away from it then it is to simply snap your fingers and say with new management, we're rolling back.
Such a rollback would have severe immediate consequences with people who now view the IOR a safe bank.
As a finance nerd, this sounds like the feel-good story of the year (so far) for Church finances: let the laity do their thing in collaboration and cooperation with the clergy.
I'm actually more optimistic about the short-term success of these reforms, mostly because its success has nothing to do with Pope Francis or any other pope. If they let up on the reforms, Moneyval will pulverize them. Once you buy into a regulatory scheme with real power from the outside, its harder to walk away from it then it is to simply snap your fingers and say with new management, we're rolling back.
Such a rollback would have severe immediate consequences with people who now view the IOR a safe bank.
As a finance nerd, this sounds like the feel-good story of the year (so far) for Church finances: let the laity do their thing in collaboration and cooperation with the clergy.