UNITED STATES
The New York Times
THE EDITORIAL BOARD
JULY 14, 2014
Pope Francis is showing that he means business — sound fiduciary business — in his campaign to clean up the Vatican Bank. Since the pope made his promise of credible reform last year, investigators and bank officials have vetted and closed out 3,000 suspect and unwanted accounts.
Francis continued the shake-up last week with the hiring of a veteran European fund manager, Jean-Baptiste de Franssu, to be the bank’s new president, the naming of an advisory board dominated by banking specialists, and the sweeping redesign of Vatican finances and assets under the direction of a trusted troubleshooter, Cardinal George Pell.
“Our ambition is to become something of a model for financial management rather than a cause for occasional scandal,” Cardinal Pell candidly explained. He announced that the Vatican would hand over management of its billions of euros to external banking specialists and be subject to regular reports by an auditor general.
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